The 'Goods and Services Tax' on gym and fitness services is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on gym and fitness services is:

A. 12%

B. 18%

C. 28%

D. 5%

Answer: Option B

Solution (By JKSSB Mock Tests)

Gym and fitness services 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 cost curves, the Marginal Cost curve intersects the Average Cost curve at:

A. The origin

B. Its minimum point

C. Its maximum point

D. Any random point

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Correct Answer: Option B

Explanation:
The MC curve intersects both the AVC and ATC curves at their respective minimum points.

This question belongs to: Economy GK Economy Set 1

Question #2

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In the context of trade policy, 'Import Substitution' strategy aims at:

A. Replacing imports with domestic production through protection

B. Promoting exports through subsidies

C. Only reducing tariffs

D. Complete free trade

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Correct Answer: Option A

Explanation:
Import substitution industrialisation seeks to reduce dependence on imports by protecting and promoting domestic industries through tariffs, quotas and other measures.

This question belongs to: Economy GK Economy Set 1

Question #3

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Excess capacity is a characteristic feature of which market structure?

A. Pure competition

B. Monopoly

C. Monopolistic competition

D. Perfect competition

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Correct Answer: Option C

Explanation:
Firms in monopolistic competition produce below optimum capacity, leading to excess capacity.

This question belongs to: Economy GK Economy Set 1

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