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

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A 'public good' is characterized by:

A. excludability and non-rivalry

B. non-excludability and rivalry

C. non-excludability and non-rivalry

D. excludability and 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 'Pradhan Mantri Ujjwala Yojana' was launched by which ministry?

A. Ministry of Women and Child Development

B. Ministry of Rural Development

C. Ministry of Petroleum and Natural Gas

D. Ministry of Health

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Correct Answer: Option C

Explanation:
PMUY is implemented by the Ministry of Petroleum and Natural Gas.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Asian Infrastructure Investment Bank' was established in which year?

A. 2013

B. 2017

C. 2016

D. 2015

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Correct Answer: Option D

Explanation:
AIIB was established in 2015.

This question belongs to: Economy GK Economy Set 1

Question #3

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In the context of production theory, the isoquant represents:

A. Combinations of goods that give the same utility

B. Combinations of inputs that yield the same level of output

C. Combinations of income and consumption

D. Combinations of prices that maximise profit

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Correct Answer: Option B

Explanation:
An isoquant is a curve that shows all possible combinations of two inputs that produce the same level of output, analogous to an indifference curve in consumer theory.

This question belongs to: Economy GK Economy Set 1

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