The law of demand states that, other things being equal, as price of a good rises: MCQ with Answer and Explanation

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The law of demand states that, other things being equal, as price of a good rises:

A. demand falls

B. demand rises

C. quantity demanded rises

D. quantity demanded falls

Answer: Option D

Solution (By JKSSB Mock Tests)

The law of demand states an inverse relationship between price and quantity demanded.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on municipal services is:

A. 18%

B. 5%

C. exempt for basic municipal services

D. 0%

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Correct Answer: Option C

Explanation:
Basic municipal services are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' rate on cinema tickets above Rs 100 is:

A. 28%

B. 12%

C. 5%

D. 18%

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Correct Answer: Option D

Explanation:
Cinema tickets above Rs 100 attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

Personal Disposable Income is obtained by subtracting from personal income:

A. indirect taxes

B. customs duty

C. direct personal taxes

D. corporate tax

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Correct Answer: Option C

Explanation:
Personal disposable income is personal income minus direct personal taxes and other non-tax payments.

This question belongs to: Economy GK Economy Set 1

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