The 'Goods and Services Tax' on betting and gambling is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on betting and gambling is:

A. 28%

B. 5%

C. 12%

D. 18%

Answer: Option A

Solution (By JKSSB Mock Tests)

Betting and gambling attract 28% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'permanent income hypothesis' was proposed by:

A. Milton Friedman

B. Franco Modigliani

C. James Duesenberry

D. John Maynard Keynes

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Correct Answer: Option A

Explanation:
Milton Friedman proposed the permanent income hypothesis.

This question belongs to: Economy GK Economy Set 1

Question #2

A negative externality occurs when:

A. social cost exceeds private cost

B. private cost exceeds social cost

C. social benefit exceeds private benefit

D. private benefit equals social benefit

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Correct Answer: Option A

Explanation:
A negative externality arises when social cost exceeds private cost, e.g. pollution.

This question belongs to: Economy GK Economy Set 1

Question #3

The free-rider problem is associated with:

A. private goods

B. common resources

C. club goods

D. public goods

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Correct Answer: Option D

Explanation:
Public goods are non-excludable, so individuals can benefit without paying, creating the free-rider problem.

This question belongs to: Economy GK Economy Set 1

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