In the two-commodity consumer equilibrium condition, which equality must hold? MCQ with Answer and Explanation

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In the two-commodity consumer equilibrium condition, which equality must hold?

A. Px × MUx = Py × MUy

B. MUx = MUy

C. Px/Py = MUy/MUx

D. MUx/Px = MUy/Py

Answer: Option D

Solution (By JKSSB Mock Tests)

The consumer is in equilibrium when marginal utility per rupee is equal for all goods: MUx/Px = MUy/Py.

This question belongs to: Economy GK Economy Set 1

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The 'TReDS' platform is meant for:

A. trading government securities

B. financing of receivables of MSMEs

C. commodity futures

D. foreign exchange trading

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Correct Answer: Option B

Explanation:
TReDS is an electronic platform for financing trade receivables of MSMEs from corporate buyers.

This question belongs to: Economy GK Economy Set 1

Question #2

First-degree price discrimination occurs when a monopolist:

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B. charges each consumer the maximum price they are willing to pay

C. charges different prices in different markets

D. charges a single uniform price

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Correct Answer: Option B

Explanation:
First-degree price discrimination, also called perfect price discrimination, charges each consumer their maximum willingness to pay.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Income Tax Act' in India was enacted in which year?

A. 1956

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C. 1965

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Correct Answer: Option D

Explanation:
The Income Tax Act was enacted in 1961.

This question belongs to: Economy GK Economy Set 1

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