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. non-excludability and non-rivalry

D. excludability and non-rivalry

Answer: Option C

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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The 'Goods and Services Tax' on telecommunication towers is:

A. 12%

B. 18%

C. 28%

D. 5%

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Correct Answer: Option B

Explanation:
Telecommunication tower services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

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The concept of 'Pareto Optimality' is associated with:

A. International trade theory

B. Development economics

C. Welfare economics

D. Monetary economics

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Correct Answer: Option C

Explanation:
Pareto Optimality is a concept in welfare economics where resources are allocated in such a way that no one can be made better off without making someone else worse off.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' on hotel accommodation below Rs 1,000 is:

A. exempt

B. 12%

C. 0%

D. 5%

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Correct Answer: Option A

Explanation:
Hotel rooms with tariff below Rs 1,000 are exempt from GST.

This question belongs to: Economy GK Economy Set 1

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