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

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

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Practice More Economy Set 1 Questions

Question #1
In the context of project appraisal, a project is considered economically viable if:
A. The present value of benefits exceeds the present value of costs
B. The present value of costs exceeds the present value of benefits
C. Only financial costs are considered
D. Social costs are ignored

Correct Answer: Option A


Explanation:
In cost-benefit analysis, a project is viable when the discounted present value of its benefits exceeds the discounted present value of its costs (positive net present value).

This question belongs to: Economy GK Economy Set 1
Question #2
In the context of cost analysis, fixed costs in the short run:
A. Are always greater than variable costs
B. Remain constant irrespective of the level of output
C. Vary with the level of output
D. Are zero at zero output

Correct Answer: Option B


Explanation:
Fixed costs do not change with the level of output in the short run; they must be incurred even if output is zero.

This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is a feature of the 'Polarisation' of the labour market observed in many advanced economies?
A. Uniform growth across all skill levels
B. Only decline in high-skill jobs
C. Only growth in middle-skill jobs
D. Growth in high-skill and low-skill employment accompanied by a decline in middle-skill routine jobs

Correct Answer: Option D


Explanation:
Job polarisation refers to the simultaneous growth of employment at the high and low ends of the skill distribution and the relative decline of middle-skill occupations that involve routine tasks susceptible to automation.

This question belongs to: Economy GK Economy Set 1