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

Question

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

A. 0%

B. 18%

C. 5%

D. 12%

Answer: Option C

Solution (By JKSSB Mock Tests)

Sugar attracts 5% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'ZED certification' for MSMEs relates to:

A. zero export duty

B. zero interest loans

C. zero energy devices

D. zero defect and zero effect manufacturing

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Correct Answer: Option D

Explanation:
ZED certification relates to Zero Defect Zero Effect manufacturing in MSMEs.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is NOT a feature of perfect competition?

A. Free entry and exit

B. Large number of buyers and sellers

C. Homogeneous product

D. Product differentiation

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Correct Answer: Option D

Explanation:
Product differentiation is a feature of monopolistic competition, not perfect competition. In perfect competition, products are homogeneous.

This question belongs to: Economy GK Economy Set 1

Question #3

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The concept of 'Hysteresis' in unemployment refers to:

A. The tendency of unemployment to persist even after the original cause has disappeared

B. Temporary unemployment that disappears quickly

C. Only frictional unemployment

D. Only seasonal unemployment

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Correct Answer: Option A

Explanation:
Hysteresis in unemployment means that high unemployment can become self-perpetuating through loss of skills, reduced employability or changes in wage-setting behaviour, so that the natural rate itself rises.

This question belongs to: Economy GK Economy Set 1

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