The marginal rate of substitution of X for Y is equal to: MCQ with Answer and Explanation

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The marginal rate of substitution of X for Y is equal to:

A. Px multiplied by Py

B. MUy divided by MUx

C. MUx divided by MUy

D. TUx plus TUy

Answer: Option C

Solution (By JKSSB Mock Tests)

MRS of X for Y is the ratio of marginal utility of X to marginal utility of Y.

This question belongs to: Economy GK Economy Set 1

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Question #1

Under GST, interstate supply of goods is subject to:

A. IGST

B. UTGST only

C. SGST only

D. CGST only

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Correct Answer: Option A

Explanation:
Interstate supply of goods and services is subject to Integrated GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on demerit goods is generally:

A. 28% plus cess

B. 5%

C. 12%

D. 18%

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Correct Answer: Option A

Explanation:
Demerit goods like tobacco and aerated drinks attract 28% plus cess.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Integrated GST' on interstate supply is collected by:

A. the consuming state directly

B. the Central Government

C. the exporting state

D. the local body

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Correct Answer: Option B

Explanation:
IGST is collected by the Central Government and then apportioned between Centre and states.

This question belongs to: Economy GK Economy Set 1

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