The 'Goods and Services Tax' on restaurant food is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on restaurant food is:

A. 12%

B. 5% without ITC

C. 18%

D. 28%

Answer: Option B

Solution (By JKSSB Mock Tests)

Restaurant services generally attract 5% GST without input tax credit.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

In the context of public goods, the free-rider problem leads to:

A. No role for government

B. Efficient provision by private firms

C. Over-provision of public goods by the market

D. Under-provision of public goods by the market

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Correct Answer: Option D

Explanation:
Because individuals can enjoy the benefits of a pure public good without paying, they have an incentive to free-ride, resulting in under-provision if left to the private market.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a characteristic of the long-run equilibrium in perfect competition?

A. Firms earn supernormal profits

B. Price is greater than marginal cost

C. Firms operate with excess capacity

D. Price equals minimum average cost and firms earn normal profits

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Correct Answer: Option D

Explanation:
In long-run equilibrium under perfect competition, free entry and exit ensure that price equals minimum long-run average cost and firms earn only normal profits.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Rashtriya Madhyamik Shiksha Abhiyan' was launched in:

A. 2005

B. 2012

C. 2014

D. 2009

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Correct Answer: Option D

Explanation:
Rashtriya Madhyamik Shiksha Abhiyan was launched in 2009.

This question belongs to: Economy GK Economy Set 1

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