Veblen goods are demanded mainly because: MCQ with Answer and Explanation

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Veblen goods are demanded mainly because:

A. high price confers prestige or status

B. their price is low

C. they have many substitutes

D. they are necessities

Answer: Option A

Solution (By JKSSB Mock Tests)

Veblen goods are conspicuous consumption goods where a higher price increases their status value.

This question belongs to: Economy GK Economy Set 1

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Question #1

The Marshall-Lerner condition states that devaluation improves the trade balance if:

A. exports exceed imports

B. import tariffs are raised

C. the sum is less than one

D. the sum of price elasticities of demand for exports and imports is greater than one

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Correct Answer: Option D

Explanation:
The Marshall-Lerner condition requires the sum of export and import demand elasticities to exceed one.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'United Nations Conference on Trade and Development' is headquartered in:

A. New York

B. Vienna

C. Rome

D. Geneva

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Correct Answer: Option D

Explanation:
UNCTAD is headquartered in Geneva, Switzerland.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Annual Information Statement' in income tax is:

A. a statement of foreign travel

B. a statement of specified financial transactions

C. a bank statement

D. a statement of taxes only

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Correct Answer: Option B

Explanation:
AIS is a statement of specified financial transactions.

This question belongs to: Economy GK Economy Set 1

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