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

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The 'Pareto optimum' is a situation where:

A. prices are zero

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

C. everyone has equal income

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

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Question #1

The 'Goods and Services Tax Network' was created as a:

A. constitutional body

B. statutory body

C. special purpose vehicle

D. government department

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Correct Answer: Option C

Explanation:
GSTN was created as a special purpose vehicle to provide IT infrastructure for GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'consumer price index' for rural and urban areas separately is compiled by:

A. RBI

B. National Statistical Office

C. Ministry of Finance

D. Labour Bureau

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Correct Answer: Option B

Explanation:
CPI-Rural and CPI-Urban are compiled by the NSO.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on butter and ghee is:

A. 28%

B. 18%

C. 5%

D. 12%

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Correct Answer: Option D

Explanation:
Butter and ghee attract 12% GST.

This question belongs to: Economy GK Economy Set 1

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