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

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The 'Goods and Services Tax' on fertilizers is:

A. 0%

B. 5%

C. 18%

D. 12%

Answer: Option B

Solution (By JKSSB Mock Tests)

Fertilizers attract 5% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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In the context of international trade, the 'Stolper-Samuelson Theorem' predicts that:

A. Factor prices are independent of goods prices

B. An increase in the relative price of a good raises the real return to the factor used intensively in its production

C. Trade benefits all factors of production equally

D. Only labour always gains from trade

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Correct Answer: Option B

Explanation:
The Stolper-Samuelson theorem states that a rise in the relative price of a good increases the real return to the factor used intensively in that good and reduces the real return to the other factor.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Jal Jeevan Mission' aims to provide tap water to rural households by:

A. 2022

B. 2025

C. 2024

D. 2030

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Correct Answer: Option C

Explanation:
Jal Jeevan Mission aims to provide tap water to all rural households by 2024.

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. 18%

B. 5%

C. 0%

D. 12%

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Correct Answer: Option C

Explanation:
Railway passenger transport is exempt from GST.

This question belongs to: Economy GK Economy Set 1

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