The concept of 'Time Preference' is related to the theory of: MCQ with Answer and Explanation

Question
The concept of 'Time Preference' is related to the theory of:
A. Wages
B. Profit
C. Rent
D. Interest
Answer: Option D
Solution (By JKSSB Mock Tests)
The time preference theory of interest (associated with Böhm-Bawerk and others) explains interest as arising from the preference for present goods over future goods.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
The 'Goods and Services Tax' on demerit goods is generally:
A. 18%
B. 12%
C. 5%
D. 28% plus cess
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Correct Answer: Option D

Explanation:
Demerit goods like tobacco and aerated drinks attract 28% plus cess.
This question belongs to: Economy GK Economy Set 1
Question #2
Fixed costs are costs that:
A. remain constant irrespective of output in the short run
B. are zero in the long run
C. equal variable costs
D. vary directly with output
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Correct Answer: Option A

Explanation:
Fixed costs do not change with the level of output in the short run.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'Paris Agreement' aims to limit global temperature rise this century to well below:
A. 1°C
B. 3°C
C. 2°C above pre-industrial levels
D. 4°C
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Correct Answer: Option C

Explanation:
The Paris Agreement aims to limit warming to well below 2°C, preferably 1.5°C.
This question belongs to: Economy GK Economy Set 1
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