The 'GST compensation cess' is levied on which goods? MCQ with Answer and Explanation

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The 'GST compensation cess' is levied on which goods?

A. luxury and sin goods

B. essential food items

C. agricultural produce only

D. all goods

Answer: Option A

Solution (By JKSSB Mock Tests)

GST compensation cess is levied on luxury and sin goods.

This question belongs to: Economy GK Economy Set 1

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Question #1

The value of the investment multiplier is equal to:

A. MPS divided by MPC

B. 1 divided by MPS

C. 1 divided by MPC

D. MPC divided by MPS

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Correct Answer: Option B

Explanation:
The investment multiplier is 1/MPS, or 1/(1 - MPC).

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a characteristic of the Indian planning experience?

A. Complete abandonment of growth objectives

B. Only focus on industrialisation without social objectives

C. Exclusive reliance on market forces without any state role

D. Evolution from centralised planning to indicative planning and cooperative federalism

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Correct Answer: Option D

Explanation:
Indian planning evolved from the centralised Five Year Plans of the Planning Commission era to a more indicative and cooperative federal approach under NITI Aayog.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following methods estimates national income by summing wages, rent, interest and profit?

A. Income method

B. Production method

C. Expenditure method

D. Value added method

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Correct Answer: Option A

Explanation:
The income method sums all factor incomes: wages, rent, interest and profit.

This question belongs to: Economy GK Economy Set 1

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