The 'Goods and Services Tax' on takeaway food from restaurants is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on takeaway food from restaurants is:

A. 5%

B. 28%

C. 12%

D. 18%

Answer: Option A

Solution (By JKSSB Mock Tests)

Takeaway food from restaurants attracts 5% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'disinflation' refers to:

A. a decrease in the rate of inflation

B. an increase in inflation

C. a fall in GDP

D. a fall in the price level

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Correct Answer: Option A

Explanation:
Disinflation is a slowdown in the rate of inflation.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of behavioural public finance, 'Tax Salience' refers to:

A. Only the administrative cost of the tax

B. Only the statutory tax rate

C. Only the progressivity of the tax

D. The degree to which a tax is noticed and taken into account by decision-makers

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Correct Answer: Option D

Explanation:
Tax salience measures how visible or noticeable a tax is to the agents who pay it; less salient taxes tend to produce smaller behavioural responses than more salient ones of equal magnitude.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Bounded Rationality' associated with Herbert Simon implies that:

A. Individuals always optimise with unlimited computational power

B. Only perfect information is assumed

C. Individuals are limited in their cognitive capacity and information and therefore satisfice rather than optimise

D. Rationality is unbounded

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Correct Answer: Option C

Explanation:
Bounded rationality recognises that human decision-makers face cognitive limitations and incomplete information, so they typically seek satisfactory rather than optimal solutions.

This question belongs to: Economy GK Economy Set 1

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