The 'GST' has helped in creating a unified national market by: MCQ with Answer and Explanation

Question

Share Report Error

The 'GST' has helped in creating a unified national market by:

A. raising state VAT rates

B. removing cascading taxes and multiple state-level barriers

C. increasing check posts

D. increasing entry taxes

Answer: Option B

Solution (By JKSSB Mock Tests)

GST removed cascading taxes and state barriers, creating a unified market.

This question belongs to: Economy GK Economy Set 1

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

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

A. Free entry and exit

B. Homogeneous product

C. Product differentiation

D. Large number of buyers and sellers

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

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 #2

The concept of 'Break-even Analysis' is used to determine:

A. The level of output at which total revenue equals total cost

B. The level of output at which profit is maximised

C. The level of output at which average cost is maximum

D. The level of output at which marginal cost is minimum

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
Break-even analysis identifies the output level at which total revenue equals total cost, so that the firm makes neither profit nor loss.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Federal Reserve System' is the central bank of:

A. United States

B. United Kingdom

C. Japan

D. Germany

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
The Federal Reserve System is the central bank of the United States.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs