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

Explanation:
The Mundell-Fleming model extends the IS-LM framework to an open economy and examines how the effectiveness of monetary and fiscal policy depends on the exchange-rate regime and the degree of capital mobility.

Explanation:
GST is a destination-based consumption tax that allows seamless input tax credit, thereby eliminating cascading and creating a unified market.

Explanation:
The law of variable proportions (or law of diminishing returns) states that as more units of a variable factor are applied to a fixed factor, after a point, the marginal product of the variable factor diminishes.