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

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The 'Goods and Services Tax' on sugar confectionery is:

A. 28%

B. 5%

C. 18%

D. 12%

Answer: Option C

Solution (By JKSSB Mock Tests)

Sugar confectionery attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Zero Defect Zero Effect' scheme is associated with:

A. agriculture

B. health

C. manufacturing and quality standards in MSMEs

D. defence

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Correct Answer: Option C

Explanation:
Zero Defect Zero Effect promotes quality and environmental standards in MSMEs.

This question belongs to: Economy GK Economy Set 1

Question #2

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

Question #3

Which of the following is an advantage of a flexible exchange rate regime?

A. Complete insulation from all external shocks

B. Automatic adjustment mechanism for balance of payments disequilibria

C. No need for any foreign exchange reserves

D. Elimination of all exchange rate volatility

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Correct Answer: Option B

Explanation:
Under flexible exchange rates, the currency appreciates or depreciates automatically in response to balance of payments pressures, helping to restore equilibrium.

This question belongs to: Economy GK Economy Set 1

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