The 'Goods and Services Tax' on instant food mixes is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on instant food mixes is:

A. 5%

B. 18%

C. 12%

D. 28%

Answer: Option B

Solution (By JKSSB Mock Tests)

Instant food mixes attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'International Bank for Reconstruction and Development' mainly provides:

A. grants only

B. loans to middle-income and creditworthy low-income countries

C. short-term balance of payments support

D. military aid

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Correct Answer: Option B

Explanation:
IBRD provides loans to middle-income and creditworthy low-income countries.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'National Income' in India was first estimated by:

A. R.C. Dutt

B. V.K.R.V. Rao

C. P.C. Mahalanobis

D. Dadabhai Naoroji

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Correct Answer: Option B

Explanation:
V.K.R.V. Rao made the first scientific estimate of India's national income.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'resource curse' is also called the:

A. tragedy of commons

B. paradox of plenty

C. invisible hand

D. liquidity trap

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Correct Answer: Option B

Explanation:
The resource curse is also known as the paradox of plenty.

This question belongs to: Economy GK Economy Set 1

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