Basic General Knowledge
Value Added Tax (VAT) is

tax calculated on the selling price, but in declaring the liability to the government, the seller is
both (a) and (b)
indirect tax levied at each stage of production and distribution, from the primary produce to the re
None of these

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Basic General Knowledge
Recession is

slowing down of economic activity over a limited period
period that results from accumulation of unsold goods, owing to fall in demand
All of these
period during which unemployment may rise and demand and output may fall, leading to slump in trade

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