The 'Goods and Services Tax' has a threshold exemption for small businesses to reduce: MCQ with Answer and Explanation

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The 'Goods and Services Tax' has a threshold exemption for small businesses to reduce:

A. exports

B. compliance burden

C. imports

D. revenue

Answer: Option B

Solution (By JKSSB Mock Tests)

Threshold exemption reduces compliance burden for small businesses.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

TRIPS is an agreement of the WTO dealing with:

A. anti-dumping measures

B. intellectual property rights

C. agricultural subsidies

D. trade in services

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Correct Answer: Option B

Explanation:
TRIPS deals with Trade-Related Aspects of Intellectual Property Rights.

This question belongs to: Economy GK Economy Set 1

Question #2

The Lewis model of economic development is based on:

A. import substitution

B. export-led growth

C. foreign aid

D. labour transfer from agriculture to industry

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Correct Answer: Option D

Explanation:
The Lewis model explains development through transfer of surplus labour from traditional agriculture to modern industry.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following methods estimates national income by summing wages, rent, interest and profit?

A. Production method

B. Income method

C. Expenditure method

D. Value added method

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Correct Answer: Option B

Explanation:
The income method sums all factor incomes: wages, rent, interest and profit.

This question belongs to: Economy GK Economy Set 1

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