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. only 5%

B. only 12%

C. not levied

D. levied along with customs duty

Answer: Option D

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

Which of the following is a characteristic of a closed economy?

A. Membership of WTO only

B. High volume of exports and imports

C. Free capital flows

D. No foreign trade

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Correct Answer: Option D

Explanation:
A closed economy does not engage in international trade or capital flows. It is self-sufficient and isolated from the rest of the world.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'aggregate supply curve' in the short run is typically:

A. upward sloping

B. vertical

C. downward sloping

D. horizontal

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Correct Answer: Option A

Explanation:
The short-run aggregate supply curve is upward sloping due to sticky wages and prices.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of public expenditure, 'Revenue Expenditure' is characterised by:

A. Long-term capital formation

B. Creation of assets

C. No creation of assets or reduction of liability

D. Reduction of liabilities only

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Correct Answer: Option C

Explanation:
Revenue expenditure is incurred for the normal running of government departments and does not result in the creation of assets or reduction of liabilities.

This question belongs to: Economy GK Economy Set 1

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