The concept of consumer surplus was developed by: MCQ with Answer and Explanation

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The concept of consumer surplus was developed by:

A. Adam Smith

B. David Ricardo

C. Alfred Marshall

D. J.M. Keynes

Answer: Option C

Solution (By JKSSB Mock Tests)

Alfred Marshall developed the concept of consumer surplus.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following types of unemployment is most prevalent in Indian agriculture?

A. Disguised unemployment

B. Structural unemployment

C. Frictional unemployment

D. Cyclical unemployment

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Correct Answer: Option A

Explanation:
Disguised unemployment is most prevalent in Indian agriculture.

This question belongs to: Economy GK Economy Set 1

Question #2

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The concept of 'Original Sin' in international finance refers to:

A. Only the problem of domestic debt

B. The inability of many emerging-market countries to borrow abroad in their own currency

C. The sin of high fiscal deficits

D. The original accumulation of capital

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Correct Answer: Option B

Explanation:
Original sin describes the situation in which most countries cannot borrow abroad in their own currency, forcing them to denominate external debt in foreign currency and exposing them to currency mismatches.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'GST Council' decisions are taken by:

A. three-fourths majority with Centre having one-third weight

B. majority vote of all members

C. unanimous consent only

D. simple majority with states having two-thirds weight

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Correct Answer: Option A

Explanation:
GST Council decisions require a three-fourths majority, with the Centre's vote having one-third weight and states two-thirds.

This question belongs to: Economy GK Economy Set 1

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