The concept of 'Data Trusts' or 'Data Commons' explores: MCQ with Answer and Explanation

The concept of 'Data Trusts' or 'Data Commons' explores:
A. Only government ownership of all personal data
B. Institutional arrangements in which data is stewarded collectively for the benefit of a defined community of stakeholders
C. Only private ownership of all data by platforms
D. The complete free-for-all of unregulated data markets
Answer: Option B
Solution (By JKSSB Mock Tests)
Data trusts and data commons are emerging institutional models that seek to govern data as a shared resource, with trustees or collective bodies responsible for managing access and use in accordance with the interests of the data subjects or community.

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Practice More Economy Set 1 Questions

Question #1
The 'GST Suvidha Provider' is:
A. an authorized private IT intermediary for GST compliance
B. a tax official
C. a chartered accountant
D. a bank

Correct Answer: Option A


Explanation:
GST Suvidha Providers are authorized IT intermediaries for GST compliance services.

This question belongs to: Economy GK Economy Set 1
Question #2
In the context of demand analysis, the Engel Curve shows the relationship between:
A. Cost and output
B. Price and quantity demanded
C. Income and quantity demanded
D. Price and supply

Correct Answer: Option C


Explanation:
The Engel Curve illustrates how the quantity demanded of a good changes as consumer income changes, holding prices constant.

This question belongs to: Economy GK Economy Set 1
Question #3
In the context of inflation, 'Core Inflation' excludes:
A. Food and fuel prices
B. Manufactured goods prices
C. Service prices
D. Housing prices

Correct Answer: Option A


Explanation:
Core inflation is a measure of inflation that excludes volatile items such as food and fuel prices to give a better picture of underlying inflation trends.

This question belongs to: Economy GK Economy Set 1