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

The 'Goods and Services Tax' rate on cement is:
A. 18%
B. 5%
C. 12%
D. 28%
Answer: Option D
Solution (By JKSSB Mock Tests)
Cement attracts 28% GST.

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Practice More Economy Set 1 Questions

Question #1
The 'Bali Package' of WTO was adopted in which year?
A. 2015
B. 2017
C. 2011
D. 2013

Correct Answer: Option D


Explanation:
The Bali Package was adopted in 2013.

This question belongs to: Economy GK Economy Set 1
Question #2
The concept of 'Natural Monopoly' arises when:
A. There are no economies of scale
B. A single firm can supply the entire market at lower cost than two or more firms because of large fixed costs and declining average costs
C. Many firms can produce at the same minimum cost
D. The market is perfectly competitive

Correct Answer: Option B


Explanation:
A natural monopoly exists when subadditive costs (typically due to large fixed costs and declining average costs) make it more efficient for a single firm to serve the entire market.

This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is a characteristic of the 'Sudden Stop' literature?
A. Abrupt reversals of capital inflows can cause large real depreciations, output collapses and financial crises
B. Capital-flow reversals are always gradual and benign
C. Only trade shocks matter
D. Capital flows never reverse

Correct Answer: Option A


Explanation:
Sudden-stop models analyse the macroeconomic and financial consequences of large and abrupt reversals in capital inflows, which often trigger currency crises, credit contractions and sharp recessions.

This question belongs to: Economy GK Economy Set 1