The 'Goods and Services Tax' rate on packaged food items may be: MCQ with Answer and Explanation

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The 'Goods and Services Tax' rate on packaged food items may be:

A. 5% or 12% depending on the product

B. 18% only

C. 28% only

D. 0%

Answer: Option A

Solution (By JKSSB Mock Tests)

Packaged food items attract 5% or 12% GST depending on the product.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'International Labour Organization' was established in which year?

A. 1948

B. 1945

C. 1966

D. 1919

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Correct Answer: Option D

Explanation:
The ILO was established in 1919 under the Treaty of Versailles.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of public goods, the free-rider problem arises because:

A. Individuals can benefit without paying

B. Markets always provide public goods efficiently

C. Public goods are rivalrous

D. Public goods are excludable

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Correct Answer: Option A

Explanation:
Because public goods are non-excludable, individuals have an incentive to free-ride — enjoy the benefits without contributing to the cost — leading to under-provision by the market.

This question belongs to: Economy GK Economy Set 1

Question #3

Under NPA classification, a substandard asset is one that has remained NPA for:

A. 12 months or less

B. more than 5 years

C. only 30 days

D. less than 6 months

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Correct Answer: Option A

Explanation:
A substandard asset is one that has remained NPA for up to 12 months.

This question belongs to: Economy GK Economy Set 1

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