The 'Central Information Commission' is a: MCQ with Answer and Explanation

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The 'Central Information Commission' is a:

A. statutory body

B. executive body

C. private body

D. constitutional body

Answer: Option A

Solution (By JKSSB Mock Tests)

The Central Information Commission is a statutory body under RTI Act.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'resource curse' is also called the:

A. tragedy of commons

B. liquidity trap

C. invisible hand

D. paradox of plenty

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Correct Answer: Option D

Explanation:
The resource curse is also known as the paradox of plenty.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Break-even Analysis' is used to determine:

A. The level of output at which profit is maximised

B. The level of output at which total revenue equals total cost

C. The level of output at which average cost is maximum

D. The level of output at which marginal cost is minimum

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Correct Answer: Option B

Explanation:
Break-even analysis identifies the output level at which total revenue equals total cost, so that the firm makes neither profit nor loss.

This question belongs to: Economy GK Economy Set 1

Question #3

A 'merit good' is a good that:

A. is consumed voluntarily

B. the government encourages or provides because it has positive externalities and is under-consumed

C. has negative externalities

D. is only for the rich

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Correct Answer: Option B

Explanation:
Merit goods are under-consumed if left to the market, so government encourages their provision.

This question belongs to: Economy GK Economy Set 1

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