The 'Pareto optimum' is a situation where: MCQ with Answer and Explanation

Question

Share Report Error

The 'Pareto optimum' is a situation where:

A. everyone has equal income

B. no one can be made better off without making someone else worse off

C. prices are zero

D. total output is maximum

Answer: Option B

Solution (By JKSSB Mock Tests)

Pareto optimum is a state where no one can be better off without making someone worse off.

This question belongs to: Economy GK Economy Set 1

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

The Sensex is a stock market index of the:

A. Bombay Stock Exchange

B. Multi Commodity Exchange

C. India International Exchange

D. National Stock Exchange

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
The Sensex is the benchmark index of the Bombay Stock Exchange (BSE).

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' exemption limit for registration of service providers is:

A. Rs 50 lakh

B. Rs 10 lakh

C. Rs 20 lakh

D. Rs 40 lakh

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
General GST registration threshold for services is Rs 20 lakh (Rs 10 lakh in special category states).

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a characteristic of the 'Platform Economy'?

A. Only agricultural markets

B. Only government-provided services

C. Digital platforms that intermediate between groups of users and often exhibit strong network effects

D. Only traditional brick-and-mortar retail

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
The platform economy consists of digital multi-sided platforms that facilitate interactions and transactions between different groups of users (e.g., buyers and sellers, drivers and riders) and typically display network externalities.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs