The concept of 'Digital Public Goods' refers to: MCQ with Answer and Explanation

The concept of 'Digital Public Goods' refers to:
A. Only physical public goods
B. Open-source software, open data, open AI models and open standards that are freely available and contribute to sustainable development
C. Only proprietary software
D. Only privately owned digital platforms
Answer: Option B
Solution (By JKSSB Mock Tests)
Digital public goods are open-source software, open data, open AI systems, open standards and open content that adhere to privacy and other best practices and help attain the Sustainable Development Goals.

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Practice More Economy Set 1 Questions

Question #1
The paradox of thrift suggests that:
A. thrift always increases investment
B. saving is impossible in a recession
C. increased saving by all households may reduce aggregate demand and output
D. saving is always beneficial for the economy

Correct Answer: Option C


Explanation:
The paradox of thrift states that if everyone saves more during a recession, total demand and output may fall.

This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is a characteristic of the 'Permanent Income Hypothesis' of consumption?
A. Only transitory income determines consumption
B. Consumption depends only on current income
C. Consumption depends primarily on long-run average or permanent income
D. Consumption is independent of income

Correct Answer: Option C


Explanation:
According to Milton Friedman's permanent income hypothesis, individuals base their consumption on permanent (expected long-run) income rather than on current measured income.

This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is a capital account transaction in the balance of payments?
A. Remittances from non-resident Indians
B. Interest payments on external debt
C. Foreign direct investment inflows
D. Export of software services

Correct Answer: Option C


Explanation:
Foreign direct investment is a capital account transaction. Software exports, remittances and interest payments are current account items.

This question belongs to: Economy GK Economy Set 1