The 'Goods and Services Tax' rate on railway passenger transport is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' rate on railway passenger transport is:

A. 0%

B. 5%

C. 18%

D. 12%

Answer: Option A

Solution (By JKSSB Mock Tests)

Railway passenger transport is exempt from GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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

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

B. Firms operate with excess capacity

C. Firms earn supernormal profits

D. Price is greater than marginal cost

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Correct Answer: Option A

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 #2

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The 'United Nations' was founded in which year?

A. 1948

B. 1945

C. 1944

D. 1950

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Correct Answer: Option B

Explanation:
The United Nations was founded in 1945.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Millennium Development Goals' were replaced by which framework?

A. Sustainable Development Goals

B. Sendai Framework

C. Paris Agreement

D. Kyoto Protocol

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Correct Answer: Option A

Explanation:
The SDGs replaced the Millennium Development Goals in 2016.

This question belongs to: Economy GK Economy Set 1

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