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. saving is always equal to investment

C. supply creates its own demand

D. demand creates its own supply

Answer: Option C

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

The 'MUDRA' Yojana was launched in which year?

A. 2015

B. 2017

C. 2013

D. 2016

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Correct Answer: Option A

Explanation:
Pradhan Mantri Mudra Yojana was launched in 2015.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a feature of the 'Save More Tomorrow' programme designed by Thaler and Benartzi?

A. A programme that ignores behavioural biases

B. A commitment device that allows employees to pre-commit to allocating a portion of future salary increases to retirement savings

C. A mandatory increase in taxes

D. An immediate large increase in current contributions

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Correct Answer: Option B

Explanation:
Save More Tomorrow is a behavioural intervention that invites employees to commit in advance to increasing their retirement contribution rates whenever they receive pay raises, thereby overcoming present bias and inertia.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Banking Ombudsman' scheme was introduced in India in which year?

A. 1995

B. 2000

C. 1990

D. 2005

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Correct Answer: Option A

Explanation:
The Banking Ombudsman scheme was introduced in 1995.

This question belongs to: Economy GK Economy Set 1

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