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 are necessities

D. they have many substitutes

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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Practice More Economy Set 1 Questions

Question #1

The natural rate of unemployment includes:

A. only disguised unemployment

B. frictional and structural unemployment

C. cyclical and seasonal unemployment

D. only open unemployment

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Correct Answer: Option B

Explanation:
The natural rate of unemployment consists of frictional and structural unemployment.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on freight transport by road is:

A. 5%

B. 28%

C. 18%

D. 5% without ITC or 12% with ITC

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Correct Answer: Option D

Explanation:
Goods transport agency services attract 5% without ITC or 12% with ITC.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a feature of the Indian monetary system?

A. Complete free floating without RBI role

B. Gold standard

C. Fixed exchange rate without any intervention

D. Managed floating exchange rate with inflation targeting

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Correct Answer: Option D

Explanation:
India follows a managed floating exchange rate regime and has adopted a flexible inflation targeting framework for monetary policy.

This question belongs to: Economy GK Economy Set 1

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