The 'Goods and Services Tax' is often described as a game-changing reform because it: MCQ with Answer and Explanation

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The 'Goods and Services Tax' is often described as a game-changing reform because it:

A. increased many taxes

B. unified the Indian market and simplified indirect taxes

C. increased direct tax

D. removed all taxes

Answer: Option B

Solution (By JKSSB Mock Tests)

GST unified the Indian market and simplified indirect taxation.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' rate on mobile phones is:

A. 12%

B. 28%

C. 18%

D. 5%

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Correct Answer: Option C

Explanation:
Mobile phones attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Swachh Bharat Mission' consists of two components: rural and:

A. agricultural

B. defence

C. industrial

D. urban

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Correct Answer: Option D

Explanation:
Swachh Bharat Mission has rural and urban components.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of international economics, 'Dumping' refers to:

A. Selling goods abroad at a price lower than in the domestic market

B. Selling goods abroad at a higher price

C. Importing goods without tariffs

D. Exporting goods with subsidies only

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Correct Answer: Option A

Explanation:
Dumping is the practice of selling a product in a foreign market at a price lower than the domestic price or below the cost of production, often considered an unfair trade practice.

This question belongs to: Economy GK Economy Set 1

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