A 'public good' is characterized by: MCQ with Answer and Explanation

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A 'public good' is characterized by:

A. non-excludability and rivalry

B. excludability and rivalry

C. excludability and non-rivalry

D. non-excludability and non-rivalry

Answer: Option D

Solution (By JKSSB Mock Tests)

Public goods are non-excludable and non-rivalrous.

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 feature of the Indian external sector since the 1990s?

A. Complete isolation from global capital flows

B. Fixed exchange rate without intervention

C. Ban on foreign direct investment

D. Gradual liberalisation of trade and capital account with managed float

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Correct Answer: Option D

Explanation:
Since the 1991 reforms, India has progressively liberalised trade and capital flows while adopting a managed floating exchange rate regime.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Fisher effect' suggests that if expected inflation rises by 1%, nominal interest rates:

A. rise by about 1%

B. fall by 1%

C. remain unchanged

D. fall by more than 1%

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Correct Answer: Option A

Explanation:
The Fisher effect indicates nominal interest rates rise with expected inflation one-for-one in the long run.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Annual Information Statement' in income tax is:

A. a bank statement

B. a statement of specified financial transactions

C. a statement of foreign travel

D. a statement of taxes only

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Correct Answer: Option B

Explanation:
AIS is a statement of specified financial transactions.

This question belongs to: Economy GK Economy Set 1

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