The 'Goods and Services Tax' rate on gold in India is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' rate on gold in India is:

A. 3%

B. 5%

C. 12%

D. 0%

Answer: Option A

Solution (By JKSSB Mock Tests)

Gold and jewellery attract 3% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is a characteristic of the 'First-Generation' models of currency crises?

A. Only banking-sector problems matter

B. Crises result from inconsistent fundamentals, typically persistent fiscal deficits financed by money creation under a fixed exchange rate

C. Crises never involve reserve losses

D. Crises are purely self-fulfilling without any fundamental weakness

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Correct Answer: Option B

Explanation:
First-generation models (Krugman, Flood-Garber) show that a steadily deteriorating fiscal position financed by credit expansion leads to a speculative attack that exhausts reserves and forces the abandonment of the fixed exchange rate.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is NOT a component of the Index of Industrial Production (IIP) in India?

A. Agriculture

B. Electricity

C. Mining

D. Manufacturing

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Correct Answer: Option A

Explanation:
The IIP covers mining, manufacturing and electricity sectors. Agriculture is measured separately through other indices and production estimates.

This question belongs to: Economy GK Economy Set 1