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. 12%

B. 28%

C. 5%

D. 18%

Answer: Option D

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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Practice More Economy Set 1 Questions

Question #1

The term 'Financial Inclusion' primarily aims at:

A. Restricting credit to priority sectors

B. Providing banking services only to high-income groups

C. Increasing interest rates for small borrowers

D. Ensuring access to financial services for all sections of society at affordable cost

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Correct Answer: Option D

Explanation:
Financial inclusion seeks to ensure that individuals and businesses, especially the underserved, have access to useful and affordable financial products and services.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of cost analysis, fixed costs in the short run:

A. Vary with the level of output

B. Are zero at zero output

C. Remain constant irrespective of the level of output

D. Are always greater than variable costs

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Correct Answer: Option C

Explanation:
Fixed costs do not change with the level of output in the short run; they must be incurred even if output is zero.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on engineering services is:

A. 28%

B. 18%

C. 12%

D. 5%

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Correct Answer: Option B

Explanation:
Engineering services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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