The 'Government e-Marketplace' is primarily a platform for: MCQ with Answer and Explanation

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The 'Government e-Marketplace' is primarily a platform for:

A. retail e-commerce

B. foreign exchange trading

C. public procurement of goods and services

D. stock trading

Answer: Option C

Solution (By JKSSB Mock Tests)

GeM is an online platform for government procurement of goods and services.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

In the context of economic theory, the 'Invisible Hand' suggests that:

A. Collective ownership is optimal

B. Individuals pursuing self-interest can promote social welfare through market mechanism

C. Markets always fail

D. Government planning is necessary for efficiency

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Correct Answer: Option B

Explanation:
Adam Smith's concept of the invisible hand argues that individuals seeking their own gain in competitive markets unintentionally promote the overall social good.

This question belongs to: Economy GK Economy Set 1

Question #2

The largest installed renewable energy source in India by capacity in recent years is:

A. solar

B. small hydro

C. wind

D. biomass

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Correct Answer: Option A

Explanation:
Solar power has become the largest renewable energy source by installed capacity in India.

This question belongs to: Economy GK Economy Set 1

Question #3

Returns to scale refers to the relationship between inputs and output when:

A. only one factor is changed

B. technology is fixed

C. marginal cost is constant

D. all factors are changed in the same proportion

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Correct Answer: Option D

Explanation:
Returns to scale describe the long-run response of output when all inputs change proportionally.

This question belongs to: Economy GK Economy Set 1

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