The 'Goods and Services Tax' on entertainment events is: MCQ with Answer and Explanation

Question

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The 'Goods and Services Tax' on entertainment events is:

A. 18%

B. 12%

C. 5%

D. 28%

Answer: Option A

Solution (By JKSSB Mock Tests)

Entertainment events generally attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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In the context of behavioural economics, 'Present Bias' or 'Hyperbolic Discounting' refers to:

A. Only the preference for delayed gratification

B. Consistent exponential discounting of all future payoffs

C. The complete absence of time preference

D. The tendency to give stronger weight to payoffs that are closer to the present when considering trade-offs between two future moments

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Correct Answer: Option D

Explanation:
Present bias describes the common tendency for people to place disproportionately greater weight on immediate rewards relative to delayed rewards, leading to time-inconsistent preferences and self-control problems.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'base erosion and profit shifting' framework is an initiative of:

A. OECD and G20

B. IMF

C. World Bank

D. WTO

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Correct Answer: Option A

Explanation:
BEPS is an OECD/G20 initiative against tax avoidance by multinational enterprises.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' on legal services provided to individuals is:

A. 12%

B. 5%

C. 0%

D. 18%

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Correct Answer: Option D

Explanation:
Legal services to individuals attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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