The 'Goods and Services Tax' on hotel room service is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on hotel room service is:

A. 28%

B. 12%

C. 18%

D. 5%

Answer: Option C

Solution (By JKSSB Mock Tests)

Room service in hotels generally attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Which of the following is a feature of the '15-Minute City' concept?

A. A city in which all travel requires long car journeys

B. A purely residential suburb without services

C. An urban planning model in which most daily needs can be met within a short walk or cycle from home

D. Only a high-speed transport network without local amenities

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Correct Answer: Option C

Explanation:
The 15-minute city is an urban design principle that aims to ensure that residents can access work, shopping, education, healthcare and leisure within a 15-minute walk or bicycle ride from their homes.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Fisher equation' is expressed as:

A. S = I

B. MV = PT

C. i = r + π

D. Y = C + I + G

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Correct Answer: Option C

Explanation:
The Fisher equation is i = r + π, where i is nominal interest rate, r is real interest rate and π is inflation.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of cost curves, the Marginal Cost curve intersects the Average Cost curve at:

A. Its minimum point

B. The origin

C. Its maximum point

D. Any random point

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Correct Answer: Option A

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

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