The 'Goods and Services Tax' on outdoor catering is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on outdoor catering is:

A. 5%

B. 12%

C. 18%

D. 28%

Answer: Option C

Solution (By JKSSB Mock Tests)

Outdoor catering attracts 18% GST with input tax credit.

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 NOT a determinant of the supply of a commodity?

A. Price of the commodity

B. Technology

C. Tastes and preferences of consumers

D. Cost of production

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Correct Answer: Option C

Explanation:
Tastes and preferences of consumers affect demand, not supply. Supply is determined by price, cost of production, technology, prices of related goods, and government policies.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'headline inflation' is the measure that:

A. excludes all food items

B. excludes fuel

C. includes all items in the price index

D. only includes services

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Correct Answer: Option C

Explanation:
Headline inflation includes all items in the price index.

This question belongs to: Economy GK Economy Set 1

Question #3

Structural unemployment arises due to:

A. mismatch between the skills of workers and available jobs

B. agricultural seasonality

C. fluctuations in business cycles

D. temporary job search

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Correct Answer: Option A

Explanation:
Structural unemployment is caused by a mismatch between workers' skills and available jobs.

This question belongs to: Economy GK Economy Set 1

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