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

Question

Share Report Error

The 'Goods and Services Tax' on edible oils is:

A. 18%

B. 0%

C. 5%

D. 12%

Answer: Option C

Solution (By JKSSB Mock Tests)

Edible oils attract 5% GST.

This question belongs to: Economy GK Economy Set 1

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

Share Report

The term 'Crowding Out' in economics refers to:

A. Decrease in private investment due to government borrowing

B. Increase in private investment due to government spending

C. Decrease in imports due to tariffs

D. Increase in exports due to currency depreciation

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
Crowding out occurs when increased government borrowing leads to higher interest rates, which reduces private sector investment.

This question belongs to: Economy GK Economy Set 1

Question #2

Share Report

Economic rent is the payment to a factor of production:

A. below its transfer earnings

B. above its transfer earnings

C. equal to zero

D. equal to its transfer earnings

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option B

Explanation:
Economic rent is the surplus paid to a factor over and above its transfer earnings.

This question belongs to: Economy GK Economy Set 1

Question #3

Share Report

The concept of 'Effective Demand' was introduced by:

A. John Maynard Keynes

B. Classical economists

C. Monetarists

D. Supply-side economists

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
Keynes introduced the concept of effective demand, which is the level of aggregate demand that is equal to aggregate supply and determines the level of employment and output.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs