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 105 of 111
Question #2081
The 'Goods and Services Tax' on biscuits is:
A. 28%
B. 18%
C. 5%
D. 12%
Discuss
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Correct Answer: Option B

Explanation:
Biscuits generally attract 18% GST, with some low-value variants at 12% or 5%.
This question belongs to: Economy GK Economy Set 1
Question #2082
The 'Goods and Services Tax' on pasta and noodles is:
A. 12%
B. 5%
C. 18%
D. 28%
Discuss
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Correct Answer: Option C

Explanation:
Pasta and noodles attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2083
The 'Goods and Services Tax' on instant food mixes is:
A. 28%
B. 12%
C. 5%
D. 18%
Discuss
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Correct Answer: Option D

Explanation:
Instant food mixes attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2084
The 'Goods and Services Tax' on mineral water is:
A. 28%
B. 12%
C. 5%
D. 18%
Discuss
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Correct Answer: Option D

Explanation:
Mineral water attracts 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2085
The 'Goods and Services Tax' on carbonated water is:
A. 5%
B. 18%
C. 12%
D. 28% plus cess
Discuss
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Correct Answer: Option D

Explanation:
Carbonated water and aerated drinks attract 28% GST plus cess.
This question belongs to: Economy GK Economy Set 1
Question #2086
The 'Goods and Services Tax' on fruit juices is:
A. 28%
B. 12%
C. 5%
D. 18%
Discuss
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Correct Answer: Option B

Explanation:
Fruit juices attract 12% GST.
This question belongs to: Economy GK Economy Set 1
Question #2087
The 'Goods and Services Tax' on tea leaves is:
A. 12%
B. 5%
C. 0%
D. 18%
Discuss
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Correct Answer: Option B

Explanation:
Tea leaves attract 5% GST.
This question belongs to: Economy GK Economy Set 1
Question #2088
The 'Goods and Services Tax' on coffee beans is:
A. 0%
B. 12%
C. 18%
D. 5%
Discuss
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Correct Answer: Option D

Explanation:
Coffee beans attract 5% GST.
This question belongs to: Economy GK Economy Set 1
Question #2089
The 'Goods and Services Tax' on spices is:
A. 12%
B. 0%
C. 5%
D. 18%
Discuss
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Correct Answer: Option C

Explanation:
Spices generally attract 5% GST.
This question belongs to: Economy GK Economy Set 1
Question #2090
The 'Goods and Services Tax' on edible oils is:
A. 5%
B. 12%
C. 0%
D. 18%
Discuss
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Correct Answer: Option A

Explanation:
Edible oils attract 5% GST.
This question belongs to: Economy GK Economy Set 1
Question #2091
The 'Goods and Services Tax' on sugar confectionery is:
A. 18%
B. 5%
C. 28%
D. 12%
Discuss
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Correct Answer: Option A

Explanation:
Sugar confectionery attracts 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2092
The 'Goods and Services Tax' on salt is:
A. 18%
B. 12%
C. 5%
D. 0%
Discuss
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Correct Answer: Option D

Explanation:
Common salt is exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2093
The 'Goods and Services Tax' on bread is:
A. 5%
B. 18%
C. 0%
D. 12%
Discuss
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Correct Answer: Option C

Explanation:
Bread is exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2094
The 'Goods and Services Tax' on pizza bread is:
A. 5%
B. 0%
C. 12%
D. 18%
Discuss
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Correct Answer: Option D

Explanation:
Pizza bread attracts 18% GST as a prepared food product.
This question belongs to: Economy GK Economy Set 1
Question #2095
The 'Goods and Services Tax' on restaurant food is:
A. 18%
B. 5% without ITC
C. 12%
D. 28%
Discuss
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Correct Answer: Option B

Explanation:
Restaurant services generally attract 5% GST without input tax credit.
This question belongs to: Economy GK Economy Set 1
Question #2096
The 'Goods and Services Tax' on takeaway food from restaurants is:
A. 5%
B. 12%
C. 28%
D. 18%
Discuss
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Correct Answer: Option A

Explanation:
Takeaway food from restaurants attracts 5% GST.
This question belongs to: Economy GK Economy Set 1
Question #2097
The 'Goods and Services Tax' on hotel room service is:
A. 5%
B. 28%
C. 12%
D. 18%
Discuss
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Correct Answer: Option D

Explanation:
Room service in hotels generally attracts 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2098
The 'Goods and Services Tax' on outdoor catering is:
A. 28%
B. 5%
C. 18%
D. 12%
Discuss
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Correct Answer: Option C

Explanation:
Outdoor catering attracts 18% GST with input tax credit.
This question belongs to: Economy GK Economy Set 1
Question #2099
The 'Goods and Services Tax' on courier services is:
A. 18%
B. 5%
C. 12%
D. 28%
Discuss
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Correct Answer: Option A

Explanation:
Courier services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2100
The 'Goods and Services Tax' on freight transport by road is:
A. 28%
B. 5%
C. 18%
D. 5% without ITC or 12% with ITC
Discuss
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Correct Answer: Option D

Explanation:
Goods transport agency services attract 5% without ITC or 12% with ITC.
This question belongs to: Economy GK Economy Set 1
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