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

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The 'Goods and Services Tax' on imports is:

A. levied along with customs duty

B. only 12%

C. not levied

D. only 5%

Answer: Option A

Solution (By JKSSB Mock Tests)

Imports are subject to IGST along with basic customs duty.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Fixed costs are costs that:

A. remain constant irrespective of output in the short run

B. equal variable costs

C. vary directly with output

D. are zero in the long run

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Correct Answer: Option A

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 #2

In the context of cost, Marginal Cost is defined as:

A. Change in total cost due to production of one additional unit

B. Variable cost divided by output

C. Fixed cost divided by output

D. Total cost divided by output

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Correct Answer: Option A

Explanation:
Marginal Cost (MC) is the addition to total cost when one more unit of output is produced. MC = ΔTC/ΔQ.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'UNDP' publishes which report?

A. World Development Report

B. Global Competitiveness Report

C. Human Development Report

D. Global Financial Stability Report

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Correct Answer: Option C

Explanation:
UNDP publishes Human Development Report.

This question belongs to: Economy GK Economy Set 1

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