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

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The 'Goods and Services Tax' on tobacco products is:

A. 28% plus cess

B. 0%

C. 18%

D. 12%

Answer: Option A

Solution (By JKSSB Mock Tests)

Tobacco products attract 28% GST plus additional cess.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

In the context of monetary economics, the 'Velocity of Money' refers to:

A. The rate of interest

B. The rate of inflation only

C. The growth rate of money supply

D. The rate at which money changes hands in the economy

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Correct Answer: Option D

Explanation:
Velocity of money is the average number of times a unit of money is used to purchase goods and services within a given period. It appears in the equation of exchange MV = PT.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a permitted asset for Statutory Liquidity Ratio?

A. Corporate bonds

B. Mutual fund units

C. Equity shares

D. Gold and government securities

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Correct Answer: Option D

Explanation:
SLR assets include cash, gold and approved government securities.

This question belongs to: Economy GK Economy Set 1

Question #3

If the reserve ratio is 10%, the simple deposit/money multiplier is:

A. 10

B. 20

C. 5

D. 100

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Correct Answer: Option A

Explanation:
Money multiplier = 1/reserve ratio = 1/0.10 = 10.

This question belongs to: Economy GK Economy Set 1

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