The 'tragedy of the commons' refers to: MCQ with Answer and Explanation

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The 'tragedy of the commons' refers to:

A. market success

B. underuse of private property

C. overuse of common property resources

D. government failure

Answer: Option C

Solution (By JKSSB Mock Tests)

The tragedy of the commons is the overuse and depletion of common property resources.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Pradhan Mantri Jan Dhan Yojana' accounts were opened primarily to:

A. promote savings and financial inclusion

B. provide loans to large companies

C. promote stock trading

D. collect taxes

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Correct Answer: Option A

Explanation:
PMJDY aims at financial inclusion through zero-balance savings accounts.

This question belongs to: Economy GK Economy Set 1

Question #2

A firm under perfect competition is a price taker because:

A. it controls the entire market

B. it differentiates its product

C. there are many buyers and sellers and the product is homogeneous

D. there are high barriers to entry

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Correct Answer: Option C

Explanation:
In perfect competition, many sellers produce a homogeneous product, so no single firm can influence price.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Multidimensional Poverty Index' was developed by:

A. IMF

B. World Bank

C. UNDP and Oxford Poverty and Human Development Initiative

D. UNESCO

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Correct Answer: Option C

Explanation:
MPI was developed by UNDP and the Oxford Poverty and Human Development Initiative.

This question belongs to: Economy GK Economy Set 1

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