The 'consumption function' in Keynesian economics is usually expressed as: MCQ with Answer and Explanation

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The 'consumption function' in Keynesian economics is usually expressed as:

A. C = a + bY

B. Y = C + I

C. MV = PT

D. S = I

Answer: Option A

Solution (By JKSSB Mock Tests)

The Keynesian consumption function is C = a + bY, where a is autonomous consumption and b is MPC.

This question belongs to: Economy GK Economy Set 1

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Foreign Trade Policy in India is announced by the:

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B. RBI

C. Ministry of External Affairs

D. Ministry of Commerce and Industry

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Correct Answer: Option D

Explanation:
Foreign Trade Policy is formulated by the Ministry of Commerce and Industry.

This question belongs to: Economy GK Economy Set 1

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Correct Answer: Option D

Explanation:
The tragedy of the commons describes the tendency for a shared, non-excludable but rivalrous resource to be over-exploited when individual users do not bear the full social cost of their actions.

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Correct Answer: Option D

Explanation:
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This question belongs to: Economy GK Economy Set 1

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