Which of the following is an example of a merit good? MCQ with Answer and Explanation

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Which of the following is an example of a merit good?

A. Gambling

B. Education

C. Cigarettes

D. Alcohol

Answer: Option B

Solution (By JKSSB Mock Tests)

Merit goods are those that the government feels people will under-consume and which ought to be subsidised or provided free, such as education and healthcare.

This question belongs to: Economy GK Economy Set 1

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Question #1

In the context of elasticity, a perfectly inelastic demand curve is:

A. Vertical

B. Horizontal

C. Upward sloping

D. Downward sloping with unit elasticity

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Correct Answer: Option A

Explanation:
A perfectly inelastic demand curve is a vertical straight line, indicating that quantity demanded does not change at all with changes in price.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Atal Innovation Mission' is part of:

A. Ministry of Finance

B. SEBI

C. NITI Aayog

D. Make in India

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Correct Answer: Option C

Explanation:
Atal Innovation Mission is a NITI Aayog initiative.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Incoterms' in international trade are published by:

A. IMF

B. WTO

C. World Bank

D. International Chamber of Commerce

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Correct Answer: Option D

Explanation:
Incoterms are published by the International Chamber of Commerce.

This question belongs to: Economy GK Economy Set 1

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