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

Question

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The 'Goods and Services Tax' rate on milk is:

A. 12%

B. 0%

C. 5%

D. 18%

Answer: Option B

Solution (By JKSSB Mock Tests)

Fresh milk is exempt from GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

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Which of the following is a characteristic of the 'Life-Cycle Hypothesis' of consumption?

A. Consumption depends only on current income

B. Individuals plan consumption over their entire lifetime

C. Only permanent income matters and age is irrelevant

D. Saving is independent of age

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Correct Answer: Option B

Explanation:
The life-cycle hypothesis, associated with Modigliani, posits that individuals smooth consumption over their lifetime by saving during working years and dissaving during retirement.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is a desirable characteristic of money?

A. Perishability

B. Durability, portability, divisibility and limited supply

C. Difficulty in storage

D. Unlimited supply

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Correct Answer: Option B

Explanation:
Good money should be durable, portable, divisible, uniform, recognisable and relatively scarce so that it can effectively perform its functions.

This question belongs to: Economy GK Economy Set 1