The 'Goods and Services Tax' on agricultural implements is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on agricultural implements is:

A. 5%

B. 12%

C. 0%

D. 18%

Answer: Option A

Solution (By JKSSB Mock Tests)

Agricultural implements generally attract 5% GST, with some exemptions.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Which of the following is a cause of frictional unemployment?

A. Decline of an industry

B. Time taken to find a new job after leaving the previous one

C. Economic recession

D. Seasonal nature of agriculture

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Correct Answer: Option B

Explanation:
Frictional unemployment occurs due to the time lag involved in people searching for and moving between jobs. It is short-term and voluntary in nature.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of market structures, 'Price Discrimination' is possible under:

A. Perfect competition

B. Monopoly

C. Only in agricultural markets

D. Both perfect competition and monopoly equally

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Correct Answer: Option B

Explanation:
Price discrimination (charging different prices to different consumers for the same product) is typically possible under monopoly where the firm has market power and can segment markets.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Stand-Up India' scheme provides loans to SC/ST and women entrepreneurs for:

A. foreign travel

B. agriculture only

C. purchasing vehicles only

D. setting up greenfield enterprises

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Correct Answer: Option D

Explanation:
Stand-Up India provides loans to SC/ST and women entrepreneurs to set up greenfield enterprises.

This question belongs to: Economy GK Economy Set 1

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