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

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

A. increasing entry taxes

B. raising state VAT rates

C. increasing check posts

D. removing cascading taxes and multiple state-level barriers

Answer: Option D

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

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Question #1

The 'Goods and Services Tax' on tobacco products is:

A. 18%

B. 12%

C. 0%

D. 28% plus cess

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Correct Answer: Option D

Explanation:
Tobacco products attract 28% GST plus additional cess.

This question belongs to: Economy GK Economy Set 1

Question #2

Reverse repo rate is the rate at which the RBI:

A. borrows funds from commercial banks

B. rediscounts bills

C. lends to banks

D. lends to the central government

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Correct Answer: Option A

Explanation:
Reverse repo rate is the rate at which the RBI borrows funds from commercial banks.

This question belongs to: Economy GK Economy Set 1

Question #3

In the two-commodity consumer equilibrium condition, which equality must hold?

A. MUx = MUy

B. Px/Py = MUy/MUx

C. MUx/Px = MUy/Py

D. Px × MUx = Py × MUy

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Correct Answer: Option C

Explanation:
The consumer is in equilibrium when marginal utility per rupee is equal for all goods: MUx/Px = MUy/Py.

This question belongs to: Economy GK Economy Set 1

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