1.	GST is NOT applicable on which of the following goods or services ?
	Automobiles
	Salon services
	Restaurant services
	Alcohol
	Answer: Alcohol Explanation: The products which are exempted from GST are Alcohol, petroleum and Electricity bill. Rest all the commodity comes under GST.
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2.	When the deficit is high, what happens to prices ?
	Prices decrease
	there is no direct impact on prices
	Prices remain stable
	Prices increase
	Answer: Prices increase Explanation: When the deficit is high then mainly government borrows from reserve bank of India or sells it property(Disinvestment), printing of new notes is also an option this increases the liquidity in the market which eventually causes condition of inflation in the market And thus the price increases.
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3.	How many members are there in the GST Council ?
	33
	35
	25
	23
	Answer: 33 Explanation: GST Council is the governing body of GST having 33 members, out of which 2 members are of centre and 31 members are from 29 states and 3 Union territories with legislation.
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4.	A substantial increase in capital expenditure or revenue deficit leads to ___ ?
	Budgetary Deficit
	Fiscal Deficit
	Primary Deficit
	Revenue Deficit
	Answer: Fiscal Deficit Explanation: A substantial increase in capital expenditure or revenue deficit leads to Fiscal deficit. A fiscal deficit occurs when a government's total expenditures exceed the revenue that it generates, excluding money from borrowings.
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5.	Which one of the following brings out an annual publication titled 'National Accounts Statistics' containing Gross Domestic Product, Fixed Capital Formation and other macroeconomic aggregates ?
	The Indian Statistical Institute (ISI)
	The Central Statistics Office (CSO)
	The NAtional Sample Survey Office (NSSO)
	The Reserve Bank of India (RBI)
	Answer: The Central Statistics Office (CSO) Explanation: The Central Statistics Office is a governmental agency in India under the Ministry of Statistics which brings out an annual publication titled ' National Accounts Statistics' containing Gross Domestic Product, Fixed Capital Formation and other macroeconomic aggregates.
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6.	Goods and Services Tax (GST) was enacted by Parliament vide ______Constitutional Amendment Act, 2016 on 8th September 2016 ?
	103rd
	105th
	107th
	101st
	Answer: 101st Explanation: Goods and Services Tax (GST) was enacted by Parliament vide 101st Constitutional Amendment Act, 2016 on 8th September 2016.
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7.	_____ is a type of direct Tax which is levied at the time of sale/purchase of securities through the Indian Stock Exchanges ?
	Stamp Duty
	Shares and Securities Tax
	Stamp and Securities Tax
	Securities Transaction Tax
	Answer: Securities Transaction Tax Explanation: STT is a kind of financial Transaction tax which is similar to tax collected at source (TCS). STT is a direct tax levied on every purchase and sale of securities that are listed on the recognized stock exchanges in India.
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8.	What is the meaning of Fiscal Deficit ?
	Total revenue collected by the govt
	The difference between total revenue and total expenditure of the govt
	Total expenditure of the govt
	Total amount of loan taken by the govt
	Answer: The difference between total revenue and total expenditure of the govt Explanation: Fiscal Deficit can be expressed as: Fiscal Deficit = Total Expenditure – Total Receipts (Excluding Borrowings).
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9.	What is the economic impact of increase in productivity of firms ?
	Decrease in Gross Domestic Product
	No change in Gross Domestic Product
	The impact may vary among nations and their economic conditions
	Increase in Gross Domestic Product????
	Answer: Increase in Gross Domestic Product Explanation: Increase in Gross Domestic Product meSol the increase in revenue, which meSol that to export more at the same input which eventually increases the productivity of the firm.
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10.	If there is a lack of money supply in comparison to the supply of goods and services, then the possible consequence would be _____ ?
	Hyperinflation
	Deflation
	Devaluation
	Inflation
	Answer: Deflation Explanation: Deflation :- Deflation refers to the state when the price of the goods and services is kept on decreasing. Negative inflation is also known as Deflation.
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