Economy Set 1 MCQs

Economy GK

Economy Set 1 MCQs

Practice Economy GK MCQs on basic economic concepts including economy, economics, microeconomics, macroeconomics, goods and services, demand and supply, factors of production, opportunity cost, economic activities, sectors of economy and other fundamental concepts frequently asked in SSC, Railway, Banking, UPSC, JKSSB, JKPSC, Police, Defence and other competitive examinations.

2220
Total Questions

Practice Questions

Page 104 of 111
Question #2061
The 'Goods and Services Tax' on solar panels is:
A. 28%
B. 12%
C. 5%
D. 18%
Discuss
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Correct Answer: Option C

Explanation:
Solar panels and modules attract 5% GST.
This question belongs to: Economy GK Economy Set 1
Question #2062
The 'Goods and Services Tax' on wind turbines is:
A. 5%
B. 28%
C. 18%
D. 12%
Discuss
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Correct Answer: Option A

Explanation:
Wind turbines attract 5% GST.
This question belongs to: Economy GK Economy Set 1
Question #2063
The 'Goods and Services Tax' on coal is:
A. 5% with input tax credit
B. 18%
C. 5%
D. 12%
Discuss
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Correct Answer: Option C

Explanation:
Coal attracts 5% GST.
This question belongs to: Economy GK Economy Set 1
Question #2064
The 'Goods and Services Tax' on fertilizers is:
A. 18%
B. 0%
C. 12%
D. 5%
Discuss
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Correct Answer: Option D

Explanation:
Fertilizers attract 5% GST.
This question belongs to: Economy GK Economy Set 1
Question #2065
The 'Goods and Services Tax' on agricultural implements is:
A. 0%
B. 18%
C. 12%
D. 5%
Discuss
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Correct Answer: Option D

Explanation:
Agricultural implements generally attract 5% GST, with some exemptions.
This question belongs to: Economy GK Economy Set 1
Question #2066
The 'Goods and Services Tax' on tractors is:
A. 12%
B. 5%
C. 18%
D. 28%
Discuss
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Correct Answer: Option A

Explanation:
Tractors attract 12% GST.
This question belongs to: Economy GK Economy Set 1
Question #2067
The 'Goods and Services Tax' on two-wheelers is:
A. 28% plus cess
B. 28%
C. 18%
D. 12%
Discuss
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Correct Answer: Option B

Explanation:
Two-wheelers attract 28% GST.
This question belongs to: Economy GK Economy Set 1
Question #2068
The 'Goods and Services Tax' on small cars is:
A. 28% plus cess
B. 18%
C. 5%
D. 12%
Discuss
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Correct Answer: Option A

Explanation:
Small cars attract 28% GST plus cess, with lower rates for some categories.
This question belongs to: Economy GK Economy Set 1
Question #2069
The 'Goods and Services Tax' on SUVs is:
A. 12%
B. 28% plus cess
C. 18%
D. 5%
Discuss
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Correct Answer: Option B

Explanation:
SUVs attract 28% GST plus cess.
This question belongs to: Economy GK Economy Set 1
Question #2070
The 'Goods and Services Tax' on luxury cars is:
A. 18%
B. 28% plus cess
C. 5%
D. 12%
Discuss
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Correct Answer: Option B

Explanation:
Luxury cars attract 28% GST plus cess.
This question belongs to: Economy GK Economy Set 1
Question #2071
The 'Goods and Services Tax' on yachts and aircraft is:
A. 12%
B. 18%
C. 5%
D. 28% plus cess
Discuss
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Correct Answer: Option D

Explanation:
Yachts and aircraft attract 28% GST plus cess.
This question belongs to: Economy GK Economy Set 1
Question #2072
The 'Goods and Services Tax' on jewellery is:
A. 3%
B. 5%
C. 12%
D. 18%
Discuss
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Correct Answer: Option A

Explanation:
Gold, silver and jewellery attract 3% GST.
This question belongs to: Economy GK Economy Set 1
Question #2073
The 'Goods and Services Tax' on precious stones is:
A. 3%
B. 5%
C. 12%
D. 0.25%
Discuss
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Correct Answer: Option D

Explanation:
Precious stones attract 0.25% GST.
This question belongs to: Economy GK Economy Set 1
Question #2074
The 'Goods and Services Tax' on imitation jewellery is:
A. 12%
B. 3%
C. 18%
D. 5%
Discuss
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Correct Answer: Option D

Explanation:
Imitation jewellery attracts 5% GST.
This question belongs to: Economy GK Economy Set 1
Question #2075
The 'Goods and Services Tax' on branded cereals is:
A. 18%
B. 0%
C. 12%
D. 5%
Discuss
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Correct Answer: Option D

Explanation:
Branded cereals attract 5% GST, while unbranded are exempt.
This question belongs to: Economy GK Economy Set 1
Question #2076
The 'Goods and Services Tax' on unbranded cereals is:
A. 18%
B. 12%
C. 5%
D. 0%
Discuss
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Correct Answer: Option D

Explanation:
Unbranded cereals are exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2077
The 'Goods and Services Tax' on butter and ghee is:
A. 12%
B. 18%
C. 28%
D. 5%
Discuss
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Correct Answer: Option A

Explanation:
Butter and ghee attract 12% GST.
This question belongs to: Economy GK Economy Set 1
Question #2078
The 'Goods and Services Tax' on cheese is:
A. 28%
B. 5%
C. 12%
D. 18%
Discuss
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Correct Answer: Option C

Explanation:
Cheese attracts 12% GST.
This question belongs to: Economy GK Economy Set 1
Question #2079
The 'Goods and Services Tax' on ice cream is:
A. 12%
B. 18%
C. 28%
D. 5%
Discuss
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Correct Answer: Option B

Explanation:
Ice cream attracts 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2080
The 'Goods and Services Tax' on chocolates is:
A. 12%
B. 18%
C. 28%
D. 5%
Discuss
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Correct Answer: Option B

Explanation:
Chocolates attract 18% GST.
This question belongs to: Economy GK Economy Set 1
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