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

Question

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

A. 3%

B. 18%

C. 12%

D. 5%

Answer: Option D

Solution (By JKSSB Mock Tests)

Imitation jewellery attracts 5% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'National Manufacturing Policy' aims to create National Investment and Manufacturing Zones that are basically:

A. special economic zones only

B. residential colonies

C. industrial parks with world-class infrastructure

D. agricultural zones

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Correct Answer: Option C

Explanation:
NIMZs are integrated industrial parks with advanced infrastructure.

This question belongs to: Economy GK Economy Set 1

Question #2

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Fixed costs are costs that:

A. equal variable costs

B. remain constant irrespective of output in the short run

C. vary directly with output

D. are zero in the long run

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Correct Answer: Option B

Explanation:
Fixed costs do not change with the level of output in the short run.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Gross Value Added' at basic prices excludes:

A. indirect taxes net of subsidies

B. net factor income from abroad

C. all taxes

D. depreciation

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Correct Answer: Option A

Explanation:
GVA at basic prices is measured before net product taxes, so it excludes net indirect taxes.

This question belongs to: Economy GK Economy Set 1

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