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

The 'Goods and Services Tax' on instant food mixes is:
A. 18%
B. 28%
C. 5%
D. 12%
Answer: Option A
Solution (By JKSSB Mock Tests)
Instant food mixes attract 18% GST.

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Practice More Economy Set 1 Questions

Question #1
Which of the following is used to measure the degree of concentration in an industry?
A. Gini coefficient only
B. Herfindahl-Hirschman Index
C. Human Development Index
D. Lorenz curve only

Correct Answer: Option B


Explanation:
The Herfindahl-Hirschman Index (HHI) is calculated as the sum of the squares of the market shares of all firms in an industry and is widely used to measure market concentration.

This question belongs to: Economy GK Economy Set 1
Question #2
Human capital refers to:
A. the stock of skills, education and health embodied in workers
B. financial assets of a country
C. natural resources
D. physical machinery used in production

Correct Answer: Option A


Explanation:
Human capital is the stock of skills, education and health embodied in workers that enhances productivity.

This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is NOT a type of market based on the degree of competition?
A. Perfect competition
B. Barter market as a competition classification
C. Oligopoly
D. Monopoly

Correct Answer: Option B


Explanation:
Barter refers to exchange without money. Market structures based on competition are perfect competition, monopolistic competition, oligopoly and monopoly.

This question belongs to: Economy GK Economy Set 1