The 'resource curse' is also called the: MCQ with Answer and Explanation

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The 'resource curse' is also called the:

A. invisible hand

B. tragedy of commons

C. liquidity trap

D. paradox of plenty

Answer: Option D

Solution (By JKSSB Mock Tests)

The resource curse is also known as the paradox of plenty.

This question belongs to: Economy GK Economy Set 1

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Question #1

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In the context of public finance, 'Vertical Fiscal Imbalance' refers to:

A. Mismatch between revenue-raising powers and expenditure responsibilities across different levels of government

B. Only the primary deficit

C. Imbalance between capital and revenue budgets only

D. Imbalance between revenue and expenditure of the same level of government

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Correct Answer: Option A

Explanation:
Vertical fiscal imbalance arises when the revenue powers and expenditure responsibilities of different tiers of government (Centre and States) are mismatched.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Goods and Services Tax' on renting of residential property for commercial use is:

A. 5%

B. 12%

C. 18%

D. 0%

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Correct Answer: Option C

Explanation:
Renting residential property for commercial use attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' on air travel business class is:

A. 12%

B. 28%

C. 5%

D. 18%

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Correct Answer: Option A

Explanation:
Business class air travel is 12% GST.

This question belongs to: Economy GK Economy Set 1

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