Say's law of markets states that: MCQ with Answer and Explanation

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Say's law of markets states that:

A. government must manage demand

B. supply creates its own demand

C. demand creates its own supply

D. saving is always equal to investment

Answer: Option B

Solution (By JKSSB Mock Tests)

Say's law states that supply creates its own demand.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'General Agreement on Trade in Services' is part of:

A. UNCTAD

B. IMF

C. World Bank

D. WTO

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Correct Answer: Option D

Explanation:
GATS is a WTO agreement covering trade in services.

This question belongs to: Economy GK Economy Set 1

Question #2

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Gross National Product at market prices equals GDP at market prices:

A. plus depreciation

B. minus net factor income from abroad

C. minus depreciation

D. plus net factor income from abroad

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Correct Answer: Option D

Explanation:
GNP = GDP + net factor income from abroad.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Pradhan Mantri Krishi Sinchai Yojana' aims at:

A. crop insurance

B. improving irrigation and water-use efficiency

C. promoting exports

D. providing tractors

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Correct Answer: Option B

Explanation:
PMKSY aims to improve irrigation coverage and water-use efficiency.

This question belongs to: Economy GK Economy Set 1

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