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

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The 'Goods and Services Tax' on tractors is:

A. 18%

B. 28%

C. 12%

D. 5%

Answer: Option C

Solution (By JKSSB Mock Tests)

Tractors attract 12% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'base effect' in inflation refers to:

A. inflation measured against a low or high price level in the previous year

B. the effect of changing the base year of GDP

C. the effect of exchange rate on imports

D. the effect of money supply on prices

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Correct Answer: Option A

Explanation:
Base effect refers to the influence of the previous year's price level on the current inflation rate.

This question belongs to: Economy GK Economy Set 1

Question #2

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Human capital refers to:

A. natural resources

B. the stock of skills, education and health embodied in workers

C. financial assets of a country

D. physical machinery used in production

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Correct Answer: Option B

Explanation:
Human capital is the stock of skills, education and health embodied in workers that enhances productivity.

This question belongs to: Economy GK Economy Set 1

Question #3

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In the context of banking theory, the 'Diamond-Dybvig' model explains:

A. Only the role of banks in monitoring firms

B. The existence of banks as providers of liquidity insurance and the possibility of bank runs

C. Only the role of banks in solving adverse selection

D. Why banks never face runs

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Correct Answer: Option B

Explanation:
The Diamond-Dybvig model shows that banks transform illiquid assets into liquid liabilities, providing liquidity insurance to depositors, but that this arrangement is vulnerable to self-fulfilling runs.

This question belongs to: Economy GK Economy Set 1

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