The 'veblen effect' is associated with: MCQ with Answer and Explanation

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The 'veblen effect' is associated with:

A. conspicuous consumption where higher prices increase demand

B. inferior goods

C. perfect competition

D. homogeneous goods

Answer: Option A

Solution (By JKSSB Mock Tests)

Veblen effect occurs when higher prices increase the prestige of a good and therefore its demand.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Nifty 50' index comprises how many stocks of NSE?

A. 200

B. 100

C. 30

D. 50

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Correct Answer: Option D

Explanation:
Nifty 50 comprises 50 stocks of NSE.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'NABARD' was established on the recommendation of which committee?

A. Narasimham Committee

B. Sivaraman Committee

C. Gadgil Committee

D. Rangarajan Committee

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Correct Answer: Option B

Explanation:
NABARD was established on the recommendation of the Sivaraman Committee.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Pradhan Mantri Poshan Shakti Nirman' is a programme for:

A. rural housing

B. education loans

C. skill development

D. hot cooked meals in schools

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Correct Answer: Option D

Explanation:
PM POSHAN provides hot cooked meals in government and aided schools.

This question belongs to: Economy GK Economy Set 1

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