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. government failure

C. overuse of common property resources

D. underuse of private property

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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Question #1

Which of the following is a feature of the 'Buffer-Stock' theory of money demand?

A. Money is held only for speculative purposes

B. Only the transactions motive matters and uncertainty is irrelevant

C. Money demand is independent of uncertainty

D. Individuals hold money as a buffer against unforeseen fluctuations in income and expenditure

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Correct Answer: Option D

Explanation:
Buffer-stock models emphasise that money balances serve as a short-run shock absorber, allowing agents to smooth consumption in the face of transitory income or expenditure shocks.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'ZED certification' for MSMEs relates to:

A. zero energy devices

B. zero defect and zero effect manufacturing

C. zero export duty

D. zero interest loans

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Correct Answer: Option B

Explanation:
ZED certification relates to Zero Defect Zero Effect manufacturing in MSMEs.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Emission Trading System' is a market-based approach to control pollution by:

A. subsidizing polluters

B. creating tradable emission permits

C. taxing all production

D. banning all emissions

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Correct Answer: Option B

Explanation:
Emission trading creates a market for tradable emission allowances, limiting total emissions.

This question belongs to: Economy GK Economy Set 1

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