The 'Goods and Services Tax' rate on concerts and sporting events is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' rate on concerts and sporting events is:

A. 28%

B. 5%

C. 18%

D. 12%

Answer: Option C

Solution (By JKSSB Mock Tests)

Concerts and sporting events attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' rate on IT services is:

A. 28%

B. 12%

C. 18%

D. 5%

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Correct Answer: Option C

Explanation:
IT services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'World Health Organization' headquarters is in:

A. Geneva

B. New York

C. Rome

D. Paris

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Correct Answer: Option A

Explanation:
WHO headquarters is in Geneva.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a feature of the long-run average cost curve under increasing returns to scale?

A. It is U-shaped only due to fixed factors

B. It is upward sloping

C. It is horizontal

D. It is downward sloping

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Correct Answer: Option D

Explanation:
Under increasing returns to scale, long-run average cost falls as output expands, resulting in a downward-sloping LAC curve over the relevant range.

This question belongs to: Economy GK Economy Set 1

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