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

Question
The 'Goods and Services Tax' on fruit juices is:
A. 18%
B. 28%
C. 5%
D. 12%
Answer: Option D
Solution (By JKSSB Mock Tests)
Fruit juices attract 12% GST.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
In the context of demand analysis, the Engel Curve shows the relationship between:
A. Price and quantity demanded
B. Price and supply
C. Income and quantity demanded
D. Cost and output
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Correct Answer: Option C

Explanation:
The Engel Curve illustrates how the quantity demanded of a good changes as consumer income changes, holding prices constant.
This question belongs to: Economy GK Economy Set 1
Question #2
In the context of international reserves, the 'Guidotti-Greenspan Rule' suggests that:
A. Countries should hold reserves at least equal to short-term external debt
B. Reserves are unnecessary under floating rates
C. Reserves should equal only three months of imports
D. Reserves should equal total external debt
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Correct Answer: Option A

Explanation:
The Guidotti-Greenspan rule is a rule of thumb recommending that emerging-market countries hold foreign-exchange reserves at least equal to their short-term external debt in order to reduce vulnerability to sudden stops.
This question belongs to: Economy GK Economy Set 1
Question #3
The value added method of measuring national income is primarily used to:
A. measure informal sector output
B. avoid double counting
C. include transfer payments
D. estimate depreciation
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Correct Answer: Option B

Explanation:
The value added method avoids double counting by measuring only the addition to value at each stage of production.
This question belongs to: Economy GK Economy Set 1
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