The 'Integrated Goods and Services Tax' applies to: MCQ with Answer and Explanation

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The 'Integrated Goods and Services Tax' applies to:

A. exports only

B. intra-state supplies

C. imports only

D. inter-state supplies

Answer: Option D

Solution (By JKSSB Mock Tests)

IGST applies to inter-state supplies and imports.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is a type of elasticity of demand?

A. Price elasticity, income elasticity and cross elasticity

B. Only cost elasticity

C. Only supply elasticity

D. Only production elasticity

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Correct Answer: Option A

Explanation:
The main types of demand elasticity are price elasticity of demand, income elasticity of demand and cross elasticity of demand.

This question belongs to: Economy GK Economy Set 1

Question #2

Deflation is best defined as:

A. a sustained fall in the general price level

B. a fall in GDP

C. a decrease in the rate of inflation

D. a rise in unemployment

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Correct Answer: Option A

Explanation:
Deflation is a sustained fall in the general price level.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'UNDP' publishes which report?

A. Global Financial Stability Report

B. Global Competitiveness Report

C. Human Development Report

D. World Development Report

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Correct Answer: Option C

Explanation:
UNDP publishes Human Development Report.

This question belongs to: Economy GK Economy Set 1

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