The concept of 'Pareto Efficiency' implies that: MCQ with Answer and Explanation

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The concept of 'Pareto Efficiency' implies that:

A. Resources can be reallocated to make someone better off without making anyone worse off

B. No reallocation can make one person better off without making someone else worse off

C. Income is equally distributed

D. All markets are perfectly competitive

Answer: Option B

Solution (By JKSSB Mock Tests)

A Pareto efficient allocation is one where it is impossible to make any individual better off without making at least one individual worse off.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Finance Bill' is a bill that:

A. deals only with defence expenditure

B. contains taxation proposals of the government

C. deals with foreign policy

D. deals with banking regulation

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Correct Answer: Option B

Explanation:
The Finance Bill contains tax proposals and other financial measures.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Finance Commission' is appointed under which article?

A. Article 356

B. Article 360

C. Article 324

D. Article 280

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Correct Answer: Option D

Explanation:
The Finance Commission is constituted under Article 280.

This question belongs to: Economy GK Economy Set 1

Question #3

The Skill India Mission aims to:

A. provide direct income support

B. train a large number of people in various skills

C. reduce population growth

D. promote imports

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Correct Answer: Option B

Explanation:
Skill India aims to provide skill training to the workforce and improve employability.

This question belongs to: Economy GK Economy Set 1

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