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

Question

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The 'Goods and Services Tax' on bread is:

A. 5%

B. 0%

C. 12%

D. 18%

Answer: Option B

Solution (By JKSSB Mock Tests)

Bread is exempt from GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Customs duty' is levied on:

A. imports and exports of goods

B. domestic production

C. income of citizens

D. services only

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Correct Answer: Option A

Explanation:
Customs duty is levied on imports and, in some cases, exports of goods.

This question belongs to: Economy GK Economy Set 1

Question #2

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The concept of 'Fiscal Space' refers to:

A. Only the primary surplus

B. Only the revenue deficit

C. The room available for a government to increase spending or reduce taxes without endangering debt sustainability

D. The physical space occupied by government offices

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Correct Answer: Option C

Explanation:
Fiscal space is the budgetary room that allows a government to provide resources for desired purposes without compromising fiscal sustainability or crowding out private investment excessively.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Asian Development Bank' is headquartered in:

A. Manila

B. Beijing

C. Tokyo

D. Singapore

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Correct Answer: Option A

Explanation:
The Asian Development Bank is headquartered in Manila, Philippines.

This question belongs to: Economy GK Economy Set 1

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