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

Question

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The 'Goods and Services Tax' on cheese is:

A. 5%

B. 18%

C. 28%

D. 12%

Answer: Option D

Solution (By JKSSB Mock Tests)

Cheese attracts 12% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which Sustainable Development Goal relates to decent work and economic growth?

A. SDG 17

B. SDG 5

C. SDG 13

D. SDG 8

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Correct Answer: Option D

Explanation:
SDG 8 promotes sustained, inclusive economic growth and decent work for all.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is a feature of the 'Fisher Effect'?

A. The nominal interest rate equals the real interest rate plus expected inflation

B. Inflation has no effect on nominal rates

C. The real interest rate equals the nominal rate plus inflation

D. Nominal and real rates are always equal

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Correct Answer: Option A

Explanation:
The Fisher equation states that the nominal interest rate is approximately equal to the real interest rate plus the expected rate of inflation.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' rate on railway passenger transport is:

A. 0%

B. 12%

C. 5%

D. 18%

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Correct Answer: Option A

Explanation:
Railway passenger transport is exempt from GST.

This question belongs to: Economy GK Economy Set 1

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