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

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The 'Goods and Services Tax' on imitation jewellery is:

A. 3%

B. 12%

C. 5%

D. 18%

Answer: Option C

Solution (By JKSSB Mock Tests)

Imitation jewellery attracts 5% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'currency chests' in India are operated by:

A. RBI only

B. banks on behalf of RBI

C. treasury departments

D. post offices

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Correct Answer: Option B

Explanation:
Currency chests are operated by selected banks on behalf of the RBI for currency storage and distribution.

This question belongs to: Economy GK Economy Set 1

Question #2

A consumer consuming a single commodity attains equilibrium when:

A. TU is rising

B. MUx divided by Px equals marginal utility of money

C. Px is greater than MUx

D. MU of the commodity is zero

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Correct Answer: Option B

Explanation:
For one commodity, consumer equilibrium occurs when MUx/Px equals the marginal utility of money.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of economic growth models, the Harrod-Domar model emphasises:

A. The role of savings rate and capital-output ratio in determining growth

B. Only labour force growth

C. Only natural resource endowment

D. Only technological progress

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Correct Answer: Option A

Explanation:
The Harrod-Domar model states that the growth rate of output depends on the savings rate and the capital-output ratio (or the productivity of capital).

This question belongs to: Economy GK Economy Set 1

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