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

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The 'resource curse' is also called the:

A. liquidity trap

B. tragedy of commons

C. invisible hand

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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Practice More Economy Set 1 Questions

Question #1

The 'Goods and Services Tax' on horse racing is:

A. 28%

B. 12%

C. 5%

D. 18%

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Correct Answer: Option A

Explanation:
Horse racing services attract 28% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Asian Development Bank' was established in which year?

A. 1966

B. 1995

C. 1971

D. 1944

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Correct Answer: Option A

Explanation:
The Asian Development Bank was established in 1966.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of national income, 'Personal Income' is equal to:

A. GDP − Depreciation

B. National income − Corporate taxes − Undistributed profits + Transfer payments

C. National income + Corporate taxes

D. GNP − Net factor income from abroad

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Correct Answer: Option B

Explanation:
Personal Income = National Income − Corporate taxes − Undistributed corporate profits − Social security contributions + Transfer payments + Interest on public debt (simplified form).

This question belongs to: Economy GK Economy Set 1

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