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

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The 'Goods and Services Tax' on branded cereals is:

A. 12%

B. 5%

C. 18%

D. 0%

Answer: Option B

Solution (By JKSSB Mock Tests)

Branded cereals attract 5% GST, while unbranded are exempt.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

A mutual fund pools money from investors to invest in:

A. a diversified portfolio of securities

B. only government bonds

C. only real estate

D. only fixed deposits

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Correct Answer: Option A

Explanation:
A mutual fund invests pooled investor funds in a diversified portfolio of securities.

This question belongs to: Economy GK Economy Set 1

Question #2

A zero-primary deficit indicates that:

A. total expenditure equals revenue receipts

B. there is no fiscal deficit

C. fiscal deficit equals interest payments

D. revenue deficit is zero

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Correct Answer: Option C

Explanation:
Primary deficit is fiscal deficit minus interest payments; zero primary deficit means fiscal deficit equals interest payments.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of labour economics, the 'Matching Function' in search theory relates:

A. Only labour demand to the real wage

B. The number of job matches to the stocks of unemployed workers and vacancies

C. Only labour supply to the real wage

D. Only wages to productivity

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Correct Answer: Option B

Explanation:
The matching function in search-and-matching models describes how the flow of new hires depends on the number of unemployed workers and the number of job vacancies.

This question belongs to: Economy GK Economy Set 1

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