The 'Goods and Services Tax' rate on readymade garments up to Rs 1,000 is: MCQ with Answer and Explanation

Question
The 'Goods and Services Tax' rate on readymade garments up to Rs 1,000 is:
A. 0%
B. 18%
C. 5%
D. 12%
Answer: Option C
Solution (By JKSSB Mock Tests)
Readymade garments up to Rs 1,000 attract 5% GST.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
The concept of 'Network Externalities' implies that:
A. The value of a good decreases with the number of users
B. Only production externalities matter
C. Externalities are always negative
D. The value of a good or service increases with the number of other users
Discuss
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Correct Answer: Option D

Explanation:
Network externalities exist when the utility that a user derives from a good or service depends positively on the number of other users of the same or compatible goods.
This question belongs to: Economy GK Economy Set 1
Question #2
The 'four-sector economy' circular flow includes:
A. households, firms, government and foreign sector
B. households, firms, banks and foreign sector
C. households, firms, government and banks only
D. households, government, banks and firms
Discuss
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Correct Answer: Option A

Explanation:
A four-sector economy includes households, firms, government and the external sector.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'International Atomic Energy Agency' is headquartered in:
A. Paris
B. Geneva
C. New York
D. Vienna
Discuss
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Correct Answer: Option D

Explanation:
The International Atomic Energy Agency is headquartered in Vienna, Austria.
This question belongs to: Economy GK Economy Set 1
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