A carbon tax is a tax on: MCQ with Answer and Explanation

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A carbon tax is a tax on:

A. electricity consumption only

B. emissions of carbon dioxide or carbon content of fuels

C. all imports

D. renewable energy

Answer: Option B

Solution (By JKSSB Mock Tests)

A carbon tax is levied on carbon emissions or the carbon content of fossil fuels.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'General Agreement on Trade in Services' came into force in which year?

A. 2005

B. 1995

C. 2000

D. 1994

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Correct Answer: Option B

Explanation:
GATS came into force in 1995 as part of WTO agreements.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is a characteristic of the 'Circular Economy' concept?

A. Only the maximisation of resource extraction

B. Only the maximisation of consumption without regard to waste

C. A linear take-make-dispose model

D. An economic system aimed at eliminating waste and the continual use of resources through reuse, repair, remanufacturing and recycling

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Correct Answer: Option D

Explanation:
The circular economy seeks to keep products, materials and resources in use for as long as possible, extracting maximum value and then recovering and regenerating them at the end of their service life.

This question belongs to: Economy GK Economy Set 1

Question #3

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The concept of 'Opportunity Cost' is best illustrated by:

A. The value of the next best alternative forgone when a choice is made

B. The total cost of production

C. The difference between total revenue and total cost

D. The cost of producing one more unit

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Correct Answer: Option A

Explanation:
Opportunity cost is the value of the best alternative that is sacrificed when a decision is made; it is fundamental to the study of choice under scarcity.

This question belongs to: Economy GK Economy Set 1

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