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

Question

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The 'Goods and Services Tax' on tractors is:

A. 12%

B. 5%

C. 18%

D. 28%

Answer: Option A

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 'Goods and Services Tax' rate on sugar is:

A. 5%

B. 0%

C. 18%

D. 12%

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Correct Answer: Option A

Explanation:
Sugar attracts 5% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Minimum Wages Act' in India was enacted in which year?

A. 1948

B. 1956

C. 1950

D. 1947

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Correct Answer: Option A

Explanation:
The Minimum Wages Act was enacted in 1948.

This question belongs to: Economy GK Economy Set 1

Question #3

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Price discrimination is most commonly possible under which market structure?

A. Perfect competition

B. Monopoly

C. Monopolistic competition

D. Oligopoly

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Correct Answer: Option B

Explanation:
A monopolist can practise price discrimination because it has market power and can prevent resale.

This question belongs to: Economy GK Economy Set 1

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