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

Question
The 'Goods and Services Tax' on tea leaves is:
A. 0%
B. 12%
C. 18%
D. 5%
Answer: Option D
Solution (By JKSSB Mock Tests)
Tea leaves attract 5% GST.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
The natural rate of unemployment includes:
A. only disguised unemployment
B. only open unemployment
C. frictional and structural unemployment
D. cyclical and seasonal unemployment
Discuss
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Correct Answer: Option C

Explanation:
The natural rate of unemployment consists of frictional and structural unemployment.
This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is a characteristic of the 'Quality Ladder' models of endogenous growth?
A. Growth is purely exogenous
B. Innovation takes the form of improvements in the quality of existing products
C. Innovation only expands the variety of products
D. There is no role for research and development
Discuss
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Correct Answer: Option B

Explanation:
Quality-ladder (or vertical-innovation) models of endogenous growth, associated with Aghion-Howitt and Grossman-Helpman, treat innovation as successive improvements in the quality of intermediate or final goods.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'Economic Survey' is usually authored by:
A. SEBI
B. NITI Aayog
C. Chief Economic Adviser's team in the Ministry of Finance
D. RBI
Discuss
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Correct Answer: Option C

Explanation:
The Economic Survey is prepared by the Chief Economic Adviser's team.
This question belongs to: Economy GK Economy Set 1
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