If demand for a good is perfectly inelastic, a tax on the good will be borne: MCQ with Answer and Explanation

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If demand for a good is perfectly inelastic, a tax on the good will be borne:

A. by the government

B. entirely by sellers

C. equally by buyers and sellers

D. entirely by buyers

Answer: Option D

Solution (By JKSSB Mock Tests)

With perfectly inelastic demand, buyers bear the entire tax burden because quantity demanded does not change.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is used to measure the degree of openness of an economy?

A. Share of exports and imports in GDP

B. Unemployment rate

C. Money supply growth rate

D. Fiscal deficit as a percentage of GDP

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Correct Answer: Option A

Explanation:
The degree of openness is commonly measured by the ratio of total trade (exports + imports) to GDP, reflecting integration with the global economy.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Saubhagya' scheme is implemented by which ministry?

A. Ministry of Housing

B. Ministry of Rural Development

C. Ministry of Power

D. Ministry of Petroleum

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Correct Answer: Option C

Explanation:
Saubhagya scheme is implemented by the Ministry of Power.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Samagra Shiksha Abhiyan' integrates which three schemes?

A. SSA, RMSA, Teacher Education

B. Teacher Education, PMKVY, UJALA

C. RMSA, ICDS, NSAP

D. SSA, MGNREGA, PMAY

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Correct Answer: Option A

Explanation:
Samagra Shiksha Abhiyan integrates Sarva Shiksha Abhiyan, Rashtriya Madhyamik Shiksha Abhiyan and Teacher Education.

This question belongs to: Economy GK Economy Set 1

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