The 'Goods and Services Tax' on admission to amusement parks is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on admission to amusement parks is:

A. 12%

B. 5%

C. 28%

D. 18%

Answer: Option D

Solution (By JKSSB Mock Tests)

Amusement park admissions attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Ninth Five Year Plan' period was:

A. 1995-2000

B. 1997-2002

C. 2002-2007

D. 1992-1997

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Correct Answer: Option B

Explanation:
The Ninth Five Year Plan covered 1997-2002.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'International Financial Services Centre' in India is located at:

A. Bengaluru

B. Hyderabad

C. Mumbai

D. GIFT City, Gandhinagar

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Correct Answer: Option D

Explanation:
India's first IFSC is in GIFT City, Gandhinagar, Gujarat.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Natural Monopoly' arises when:

A. The market is perfectly competitive

B. There are no economies of scale

C. A single firm can supply the entire market at lower cost than two or more firms because of large fixed costs and declining average costs

D. Many firms can produce at the same minimum cost

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Correct Answer: Option C

Explanation:
A natural monopoly exists when subadditive costs (typically due to large fixed costs and declining average costs) make it more efficient for a single firm to serve the entire market.

This question belongs to: Economy GK Economy Set 1

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