The concept of 'Consumer Surplus' was introduced by: MCQ with Answer and Explanation

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The concept of 'Consumer Surplus' was introduced by:

A. Alfred Marshall

B. J.S. Mill

C. Adam Smith

D. David Ricardo

Answer: Option A

Solution (By JKSSB Mock Tests)

Alfred Marshall developed the concept of consumer surplus, which is the difference between what a consumer is willing to pay and what he actually pays.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on construction services is:

A. 5%

B. 28%

C. 12%

D. 18% for commercial construction

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Correct Answer: Option D

Explanation:
Commercial construction services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

In the consumption function C = a + bY, 'a' represents:

A. saving

B. marginal propensity to consume

C. investment

D. autonomous consumption

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Correct Answer: Option D

Explanation:
In C = a + bY, 'a' is autonomous consumption, consumption independent of income.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Sarva Shiksha Abhiyan' was launched in:

A. 2001

B. 1995

C. 2005

D. 2010

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Correct Answer: Option A

Explanation:
Sarva Shiksha Abhiyan was launched in 2001.

This question belongs to: Economy GK Economy Set 1

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