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

Question

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The 'Goods and Services Tax' on ice cream is:

A. 5%

B. 12%

C. 18%

D. 28%

Answer: Option C

Solution (By JKSSB Mock Tests)

Ice cream attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'World Trade Organization' headquarters is in:

A. New York

B. Geneva

C. Paris

D. Washington D.C.

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Correct Answer: Option B

Explanation:
WTO headquarters is in Geneva.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'special economic zone' policy in India was first announced in which year?

A. 1995

B. 2010

C. 2005

D. 2000

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Correct Answer: Option D

Explanation:
SEZ policy was announced in April 2000.

This question belongs to: Economy GK Economy Set 1

Question #3

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Which of the following is a feature of a perfectly competitive market?

A. Firms are price makers

B. Firms are price takers

C. Product differentiation exists

D. Barriers to entry exist

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Correct Answer: Option B

Explanation:
In perfect competition, individual firms are price takers because the market price is determined by industry demand and supply, and no single firm can influence it.

This question belongs to: Economy GK Economy Set 1

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