The 'life-cycle hypothesis' of consumption was proposed by: MCQ with Answer and Explanation

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The 'life-cycle hypothesis' of consumption was proposed by:

A. Milton Friedman

B. Paul Samuelson

C. Irving Fisher

D. Franco Modigliani

Answer: Option D

Solution (By JKSSB Mock Tests)

The life-cycle hypothesis was developed by Franco Modigliani and others.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is NOT a measure to promote exports?

A. Special Economic Zones

B. Duty drawback schemes

C. High import tariffs on export inputs

D. Export subsidies

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Correct Answer: Option C

Explanation:
High import tariffs on inputs used in export production raise costs and discourage exports. Export promotion measures include subsidies, duty drawbacks and SEZs.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a type of elasticity of demand?

A. Only supply elasticity

B. Only production elasticity

C. Only cost elasticity

D. Price elasticity, income elasticity and cross elasticity

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Correct Answer: Option D

Explanation:
The main types of demand elasticity are price elasticity of demand, income elasticity of demand and cross elasticity of demand.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Essential Commodities Act' was amended in 2020 to deregulate which commodities?

A. Petroleum products

B. Fertilizers

C. Medicines

D. Cereals, pulses, oilseeds, edible oils and onion

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Correct Answer: Option D

Explanation:
The Essential Commodities (Amendment) Act 2020 deregulated cereals, pulses, oilseeds, edible oils and onion.

This question belongs to: Economy GK Economy Set 1

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