The 'Carbon Credit' refers to a permit allowing the holder to emit: MCQ with Answer and Explanation

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The 'Carbon Credit' refers to a permit allowing the holder to emit:

A. one kg of carbon

B. one million tonnes of carbon

C. one tonne of carbon dioxide or equivalent

D. unlimited carbon

Answer: Option C

Solution (By JKSSB Mock Tests)

A carbon credit typically allows one tonne of carbon dioxide equivalent emissions.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'current daily status' of unemployment measures unemployment on:

A. monthly basis

B. a day basis

C. yearly basis

D. weekly basis

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Correct Answer: Option B

Explanation:
Current daily status measures unemployment for each day of the reference week.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Opportunity Cost of Holding Money' refers to:

A. The cost of printing currency notes

B. The interest income forgone by holding cash instead of interest-bearing assets

C. The cost of banking services only

D. The cost of producing goods and services

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Correct Answer: Option B

Explanation:
The opportunity cost of holding money is the interest that could have been earned by holding bonds or other interest-bearing assets instead of cash.

This question belongs to: Economy GK Economy Set 1

Question #3

A Giffen good is a good for which:

A. demand falls when price falls

B. income effect is zero

C. demand increases when price rises

D. demand is perfectly elastic

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Correct Answer: Option C

Explanation:
A Giffen good has a strong income effect that dominates the substitution effect, so quantity demanded rises when price rises.

This question belongs to: Economy GK Economy Set 1

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