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

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The 'Pareto optimum' is a situation where:

A. total output is maximum

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

C. everyone has equal income

D. prices are zero

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' on manpower supply services is:

A. 18%

B. 28%

C. 5%

D. 12%

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Correct Answer: Option A

Explanation:
Manpower supply services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on airport services is:

A. 5%

B. 18%

C. 12%

D. 28%

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Correct Answer: Option B

Explanation:
Airport services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of production, the stage of diminishing returns begins when:

A. Marginal product starts declining

B. Marginal product is negative

C. Total product is maximum

D. Average product is zero

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Correct Answer: Option A

Explanation:
The stage of diminishing returns starts when the marginal product of the variable factor begins to decline, although it may still be positive.

This question belongs to: Economy GK Economy Set 1

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