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

Question

Share Report Error

The 'Goods and Services Tax' on unbranded cereals is:

A. 0%

B. 5%

C. 12%

D. 18%

Answer: Option A

Solution (By JKSSB Mock Tests)

Unbranded cereals are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

The 'NITI Aayog' full form is:

A. National Initiative for Trade and Industry

B. National Integrated Transport Institute

C. National Institution for Transforming India

D. National Institute for Transforming India

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
NITI stands for National Institution for Transforming India.

This question belongs to: Economy GK Economy Set 1

Question #2

In the circular flow of income, leakages include:

A. investment and exports

B. saving, taxes and imports

C. income and output

D. consumption and government spending

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option B

Explanation:
Leakages from the circular flow are saving, taxes and imports.

This question belongs to: Economy GK Economy Set 1

Question #3

For a normal good, a fall in its price creates:

A. negative substitution effect

B. negative income effect only

C. zero income effect

D. positive substitution effect and positive income effect

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
For a normal good, both substitution effect and income effect work in the same direction when price falls, increasing quantity demanded.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs