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

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The 'Goods and Services Tax' on salt is:

A. 0%

B. 5%

C. 12%

D. 18%

Answer: Option A

Solution (By JKSSB Mock Tests)

Common salt is exempt from GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'original sin' problem in international finance refers to:

A. inability of emerging economies to borrow abroad in their own currency

B. trade deficits

C. currency depreciation

D. high domestic debt

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Correct Answer: Option A

Explanation:
Original sin is the inability of emerging economies to borrow abroad in their own domestic currency.

This question belongs to: Economy GK Economy Set 1

Question #2

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In the context of cost curves, the Average Fixed Cost (AFC) curve is:

A. Horizontal

B. U-shaped

C. Rectangular hyperbola

D. Upward sloping

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Correct Answer: Option C

Explanation:
Average Fixed Cost falls continuously as output increases and the AFC curve is a rectangular hyperbola.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'General Budget' in India was separated from the Railway Budget in which year?

A. 1950

B. 1921

C. 1924

D. 1947

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Correct Answer: Option C

Explanation:
Railway Budget was separated from the General Budget in 1924 on the Acworth Committee recommendation.

This question belongs to: Economy GK Economy Set 1

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