The 'snob effect' in consumer behaviour refers to: MCQ with Answer and Explanation

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The 'snob effect' in consumer behaviour refers to:

A. buying only necessities

B. buying more when price falls

C. buying goods to appear exclusive and different

D. following popular trends

Answer: Option C

Solution (By JKSSB Mock Tests)

The snob effect is consumer preference for exclusive goods that set them apart.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is a characteristic of the 'New Classical' policy ineffectiveness proposition?

A. Monetary policy is always effective

B. Only unanticipated monetary policy can affect real output

C. Anticipated monetary policy systematically affects real output

D. Fiscal policy is always effective

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Correct Answer: Option B

Explanation:
Under rational expectations and continuous market clearing, only unanticipated policy shocks can affect real variables; anticipated policy is neutral.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'President of India' can declare a financial emergency under which article?

A. Article 360

B. Article 356

C. Article 365

D. Article 352

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Correct Answer: Option A

Explanation:
Financial emergency is declared under Article 360.

This question belongs to: Economy GK Economy Set 1

Question #3

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The Reserve Bank of India was established in 1935 under the:

A. Reserve Bank of India Act, 1934

B. Banking Regulation Act, 1949

C. Companies Act, 1956

D. Negotiable Instruments Act, 1881

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Correct Answer: Option A

Explanation:
The RBI was established under the Reserve Bank of India Act, 1934.

This question belongs to: Economy GK Economy Set 1

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