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

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The 'Goods and Services Tax' on pasta and noodles is:

A. 18%

B. 12%

C. 28%

D. 5%

Answer: Option A

Solution (By JKSSB Mock Tests)

Pasta and noodles attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'labour force participation rate' is calculated as labour force divided by:

A. total population

B. unemployed persons

C. working-age population

D. employed persons

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Correct Answer: Option C

Explanation:
LFPR is labour force as a percentage of working-age population.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'National Apprenticeship Training Scheme' is under:

A. Ministry of Finance

B. Ministry of Agriculture

C. Ministry of Skill Development

D. Ministry of Education

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Correct Answer: Option D

Explanation:
The National Apprenticeship Training Scheme is under the Ministry of Education.

This question belongs to: Economy GK Economy Set 1

Question #3

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In the context of production theory, the isoquant represents:

A. Combinations of goods that give the same utility

B. Combinations of inputs that yield the same level of output

C. Combinations of income and consumption

D. Combinations of prices that maximise profit

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Correct Answer: Option B

Explanation:
An isoquant is a curve that shows all possible combinations of two inputs that produce the same level of output, analogous to an indifference curve in consumer theory.

This question belongs to: Economy GK Economy Set 1

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