Which of the following is a feature of a mixed economy? MCQ with Answer and Explanation

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Which of the following is a feature of a mixed economy?

A. Absence of government intervention

B. Coexistence of public and private sectors

C. Complete government ownership of resources

D. Complete private ownership of resources

Answer: Option B

Solution (By JKSSB Mock Tests)

A mixed economy is characterised by the coexistence of both public and private sectors, with government intervention to correct market failures.

This question belongs to: Economy GK Economy Set 1

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Question #1

In the context of monetary economics, the 'Velocity of Circulation of Money' refers to:

A. The rate of inflation only

B. The growth rate of the money supply

C. The rate of interest

D. The average number of times a unit of money is used to purchase final goods and services in a given period

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Correct Answer: Option D

Explanation:
Velocity of money measures how frequently the average unit of currency is spent on final goods and services during a given time period; it appears in the equation of exchange.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on goods and services is a tax on:

A. consumption

B. income

C. wealth

D. property

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Correct Answer: Option A

Explanation:
GST is a tax on consumption of goods and services.

This question belongs to: Economy GK Economy Set 1

Question #3

A regressive tax is one where:

A. the tax burden falls more heavily on lower income groups

B. the tax rate is constant

C. there is no tax on income

D. the tax rate rises as income rises

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Correct Answer: Option A

Explanation:
A regressive tax takes a larger percentage of income from low-income earners.

This question belongs to: Economy GK Economy Set 1

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