Which of the following is an example of a public good?
A. National defence
B. Restaurant meal
C. Private car
D. Cinema ticket
Answer: Option A
Solution (By JKSSB Mock Tests)
Public goods are non-excludable and non-rivalrous. National defence is a classic example as one person's consumption does not reduce availability for others and people cannot be easily excluded from its benefits.
Explanation:
Under adaptive expectations, agents revise their expectations gradually on the basis of past forecast errors, so that expectations are a weighted average of past observations.
The concept of 'Social Reproduction' in feminist economics refers to:
A.Only market production of goods
B.The activities and processes that maintain and reproduce the labour force on a daily and intergenerational basis, often performed unpaid within households
C.Only the reproduction of capital
D.Only biological reproduction without social dimensions
Explanation:
Social reproduction encompasses the unpaid and paid activities—care, domestic work, education, health—that reproduce people as social and economic beings on a daily and generational basis.
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