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

Question
The 'Goods and Services Tax' on biscuits is:
A. 12%
B. 28%
C. 5%
D. 18%
Answer: Option D
Solution (By JKSSB Mock Tests)
Biscuits generally attract 18% GST, with some low-value variants at 12% or 5%.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
The term 'Invisible Trade' in the balance of payments refers to:
A. Only foreign direct investment
B. Trade in services, income and transfers
C. Trade in goods only
D. Only capital transfers
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Correct Answer: Option B

Explanation:
Invisible trade (or invisibles) includes trade in services (such as tourism, software, transportation), income (interest, dividends) and unilateral transfers.
This question belongs to: Economy GK Economy Set 1
Question #2
The 'Nationally Determined Contributions' under the Paris Agreement are:
A. trade restrictions
B. binding emission targets for all countries
C. voluntary climate action commitments by each country
D. financial penalties
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Correct Answer: Option C

Explanation:
NDCs are voluntary national climate action pledges under the Paris Agreement.
This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is an assumption of the Ricardian theory of comparative advantage?
A. Capital is the only factor of production
B. Labour is the only factor of production and is immobile internationally
C. Labour is the only factor of production and is mobile internationally
D. There are increasing returns to scale
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Correct Answer: Option B

Explanation:
Ricardo assumed a single factor (labour), constant returns, and international immobility of labour, while labour is mobile within a country.
This question belongs to: Economy GK Economy Set 1
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