The free-rider problem is associated with: MCQ with Answer and Explanation

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The free-rider problem is associated with:

A. private goods

B. public goods

C. club goods

D. common resources

Answer: Option B

Solution (By JKSSB Mock Tests)

Public goods are non-excludable, so individuals can benefit without paying, creating the free-rider problem.

This question belongs to: Economy GK Economy Set 1

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Question #1

The concept of 'wealth effect' in consumption refers to:

A. investment increasing when interest rates rise

B. saving increasing when wealth falls

C. consumption increasing when wealth increases

D. consumption increasing when debt increases

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Correct Answer: Option C

Explanation:
The wealth effect says consumption rises when household wealth rises.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a feature of the 'Dual-Self' or 'Planner-Doer' models of self-control?

A. Only the doer determines all behaviour

B. There is no internal conflict

C. Individuals have a single consistent set of preferences

D. Individuals are modelled as consisting of a far-sighted planner and a myopic doer who are in conflict

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Correct Answer: Option D

Explanation:
Planner-doer models represent the individual as containing both a long-run planner who values future consequences and a short-run doer who is tempted by immediate rewards, generating self-control problems.

This question belongs to: Economy GK Economy Set 1

Question #3

The Goods and Services Tax was introduced through which Constitutional Amendment Act?

A. 101st

B. 99th

C. 102nd

D. 100th

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Correct Answer: Option A

Explanation:
GST was introduced through the 101st Constitutional Amendment Act, 2016.

This question belongs to: Economy GK Economy Set 1

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