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

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The 'resource curse' is also called the:

A. paradox of plenty

B. tragedy of commons

C. invisible hand

D. liquidity trap

Answer: Option A

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

The 'Goods and Services Tax' on cryptocurrency is:

A. 0%

B. 18%

C. 28%

D. 5%

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Correct Answer: Option B

Explanation:
Cryptocurrency transactions are subject to 18% GST as financial services, though regulation is evolving.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Capital Account Liberalisation' involves:

A. The imposition of new capital controls

B. The removal or relaxation of restrictions on cross-border capital flows

C. Only the liberalisation of the current account

D. Only the liberalisation of trade in goods

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Correct Answer: Option B

Explanation:
Capital-account liberalisation refers to the reduction or elimination of legal barriers to the free movement of capital across national borders.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of market structures, 'Price Discrimination' is possible under:

A. Only in agricultural markets

B. Both perfect competition and monopoly equally

C. Monopoly

D. Perfect competition

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Correct Answer: Option C

Explanation:
Price discrimination (charging different prices to different consumers for the same product) is typically possible under monopoly where the firm has market power and can segment markets.

This question belongs to: Economy GK Economy Set 1

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