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Q47 (IAS/2018) Economy › Basic Concepts & National Income › Opportunity cost Official Key

If a commodity is provided free to the public by the Government, then

Result
Your answer:  ·  Correct: C
Explanation

The opportunity cost of an activity is the value of benefits that have to be given up by using the resources for the chosen activity rather than for something else.[1] When the government provides a commodity free to the public, the opportunity cost does not disappear—it simply shifts to those who fund the government. Governments raise money through taxes and other ways to meet expenses on the services rendered by it.[2] When the government bears part of the cost of providing goods or services, it has to bear some of the cost.[3] Therefore, while consumers receive the commodity free and pay no direct price, the tax-paying public ultimately bears the opportunity cost through the taxes they pay. The resources used to provide the free commodity could have been used for alternative government expenditures, and this cost is borne by taxpayers, not by the direct consumers of the product.

Sources
  1. [1] https://www.fao.org/4/y5424e/y5424e08.htm
  2. [2] Understanding Economic Development. Class X . NCERT(Revised ed 2025) > Chapter 2: SECTORS OF THE INDIAN ECONOMY > SECTORS IN TERMS OF OWNERSHIP: PUBLIC AND PRIVATE SECTORS > p. 32
  3. [3] Understanding Economic Development. Class X . NCERT(Revised ed 2025) > Chapter 2: SECTORS OF THE INDIAN ECONOMY > p. 33
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Don’t just practise – reverse-engineer the question. This panel shows where this PYQ came from (books / web), how the examiner broke it into hidden statements, and which nearby micro-concepts you were supposed to learn from it. Treat it like an autopsy of the question: what might have triggered it, which exact lines in the book matter, and what linked ideas you should carry forward to future questions.
Q. If a commodity is provided free to the public by the Government, then [A] the opportunity cost is zero. [B] the opportunity cost is ign…
At a glance
Origin: Books + Current Affairs Fairness: Moderate fairness Books / CA: 7.5/10 · 2.5/10

This is a classic 'First Principles' question derived directly from the definition of Opportunity Cost in NCERT Class XII Microeconomics. It tests conceptual clarity over rote memorization—specifically, the economic axiom that 'there is no such thing as a free lunch' (TINSTAAFL).

How this question is built

This question can be broken into the following sub-statements. Tap a statement sentence to jump into its detailed analysis.

Statement 1
When a commodity is provided free to the public by the government, is the opportunity cost zero?
Origin: Web / Current Affairs Fairness: CA heavy Web-answerable

Web source
Presence: 5/5
"The opportunity cost of an activity is the value of benefits that have to be given up by using the resources for the chosen activity rather than for something else. With regard to government expenditure in our context, assessing the opportunity cost would mean assessing what the funds spent on, for example, the construction of a fishing harbour, could have been used for instead - maybe a school or improved health services - and the value of these foregone benefits."
Why this source?
  • Defines opportunity cost as the value of benefits forgone when resources are used for one activity rather than another — implying a non-zero cost when government resources are used.
  • Applies that definition directly to government expenditure, showing funds used for one public good mean foregone benefits from alternative uses (e.g., schools or health services).
Web source
Presence: 4/5
"The "value to the industry" equals the financial opportunity cost, i.e., how much would it have cost to borrow the same capital? The annual value of the subsidy is calculated as the estimated interest cost at market rates for a loan equalling the state equity of the company."
Why this source?
  • Shows that even where government cost reporting may be minimal, the 'value to the industry' is taken as the financial opportunity cost — i.e., an alternative cost exists and can be measured.
  • Gives a concrete example (subsidy valued as interest cost) of how opportunity cost is calculated, contradicting the idea that it is zero when the government provides something free.
Web source
Presence: 4/5
"However, generally, unless we have very clear indications of its value, the Guide recommends ignoring the opportunity cost since its calculation is likely to be arbitrary at the best. | BOX 4 **Opportunity costs** The total cost to society of an economic activity can be referred to as its social cost."
Why this source?
  • Notes that while opportunity cost can be difficult to quantify and sometimes is ignored in practice, that is a methodological choice — not evidence that opportunity cost equals zero.
  • Frames opportunity cost as a component of social cost, reinforcing that resources used by government have alternative uses and associated costs.

Macroeconomics (NCERT class XII 2025 ed.) > Chapter 5: Government Budget and the Economy > Allocation Function of Government Budget > p. 67
Strength: 5/5
“However, in case of public goods, there is no feasible way of excluding anyone from enjoying the benefits of the good. That is why public goods are called non-excludable. Even if some users do not pay, it is difficult and sometimes impossible to collect fees for the public good. These nonpaying users are known as 'free-riders'. Consumers will not voluntarily pay for what they can get for free and for which there is no exclusive title to the property being enjoyed. The link between the producer and consumer which occurs through the payment process is broken and the government must step in to provide for such goods.”
Why relevant

Explains public goods are non-excludable and government must provide them because private provision fails (free-rider problem).

How to extend

A student could note that provision requires resources (production/administration) and therefore infer alternatives forgone—so investigate what resources the government uses and their other uses.

Macroeconomics (NCERT class XII 2025 ed.) > Chapter 5: Government Budget and the Economy > Debt > p. 81
Strength: 5/5
“• 1. Public goods, as distinct from private goods, are collectively consumed. Two important features of public goods are – they are non-rivalrous in that one person can increase her satisfaction from the good without reducing that obtained by others and they are non-excludable, and there is no feasible way of excluding anyone from enjoying the benefits of the good. These make it difficult to collect fees for their use and private enterprise will in general not provide these goods. Hence, they must be provided by the government.• 2. The three functions of allocation, redistribution and stabilisation operate through the expenditure and receipts of the government.• 3.”
Why relevant

Defines public goods as non-rivalrous and non-excludable and states private enterprise will not provide these goods, so government provision is necessary.

How to extend

Use the definition to identify examples (roads, dams) and check the budgetary cost of supplying them to see what public funds could otherwise finance.

Understanding Economic Development. Class X . NCERT(Revised ed 2025) > Chapter 2: SECTORS OF THE INDIAN ECONOMY > SECTORS IN TERMS OF OWNERSHIP: PUBLIC AND PRIVATE SECTORS > p. 32
Strength: 5/5
“To get such services we have to pay money to these individuals and companies. The purpose of the public sector is not just to earn profits. Governments raise money through taxes and other ways to meet expenses on the services rendered by it. Modern day governments spend on a whole range of activities. What are these activities? Why do governments spend on such activities? Let's find out. There are several things needed by the society as a whole but which the private sector will not provide at a reasonable cost. Why? Some of these need spending large sums of money, which is beyond the capacity”
Why relevant

Says governments raise money through taxes to meet expenses on services they provide.

How to extend

Combine with basic fiscal facts (taxes are limited) to reason that spending on a 'free' commodity uses tax revenue that could be spent elsewhere, implying a non-zero opportunity cost.

Understanding Economic Development. Class X . NCERT(Revised ed 2025) > Chapter 2: SECTORS OF THE INDIAN ECONOMY > p. 33
Strength: 4/5
“of the private sector. Also, collecting money from thousands of people who use these facilities is not easy. Even if they do provide these things they would charge a high rate for their use. Examples are construction of roads, bridges, railways, harbours, generating electricity, providing irrigation through dams etc. Thus, governments have to undertake such heavy spending and ensure that these facilities are available for everyone. There are some activities, which the government has to support. The private sector may not continue their production or business unless government encourages it. For example, selling electricity at the cost of generation may push up the costs of production of goods in many industries.”
Why relevant

Gives examples (roads, bridges, electricity, irrigation) of services where government undertakes heavy spending because private sector won't at reasonable cost.

How to extend

A student can pick one example, estimate resource inputs (labour, materials) or budget outlays and compare alternative uses to judge the opportunity cost of providing it free.

Microeconomics (NCERT class XII 2025 ed.) > Chapter 5: Market Equilibrium > 5.2.2 Price Floor > p. 87
Strength: 3/5
“Can you think of any commodity on which price ceiling is imposed in India? What may be the consequence of price-ceiling?• 21.A shift in demand curve has a larger effect on price and smaller effect on quantity when the number of firms is fixed compared to the situation when free entry and exit is permitted. Explain.• 22.Suppose the demand and supply curve of commodity X in a perfectly competitive market are given by: • q D = 700 – p = 0 for 0 ≤ p < 15 Assume that the market consists of identical firms. Identify the reason behind the market supply of commodity X being zero at any price less than Rs 15.”
Why relevant

Discusses price ceilings and market supply behavior, illustrating that market prices (or absence thereof) affect supply decisions.

How to extend

Extend by examining how making a commodity free (price = 0) would change private supply and require government to fill the gap using resources—suggesting a cost in alternatives forgone.

Statement 2
When a commodity is provided free to the public by the government, is the opportunity cost ignored?
Origin: Direct from books Fairness: Straightforward Book-answerable
From standard books
Microeconomics (NCERT class XII 2025 ed.) > Chapter 4: The Theory of the Firm under Perfect Competition > Opportunity cost > p. 61
Presence: 5/5
“In economics, one often encounters the concept of opportunity cost. Opportunity cost of some activity is the gain foregone from the second best activity. Suppose you have Rs 1,000 which you decide to invest in your family business. What is the opportunity cost of your action? If you do not invest”
Why this source?
  • Defines opportunity cost as the gain foregone from the second best activity — establishes the concept that choices have foregone alternatives.
  • By giving the formal definition, it implies that any allocation (including free provision) involves foregoing other uses of resources.
Indian Economy, Vivek Singh (7th ed. 2023-24) > Chapter 10: Agriculture - Part I > The following are the salient features of the Model Contract Farming Act 2018: > p. 319
Presence: 4/5
“The 1966 Green Revolution in agriculture is not considered as "Market reforms". This is because Green revolution was supported by huge Govt. led subsidies like MSP, fertilizer, electricity, water etc. So, all the inputs were provided free of cost and the produce was purchased by Govt. at higher than Market price (MSP). So, it was Govt. led boom and not market reforms. But Govt led support is not sustainable and govt. cannot support this for long for such a huge country, and now it has become unsustainable for the Govt. to keep this support in terms of MSP and subsidies.”
Why this source?
  • Describes inputs being provided free by the government (Green Revolution) and explicitly states such government support is 'not sustainable'.
  • Implied trade-off: providing things free imposes costs on the government that cannot be sustained indefinitely.
Understanding Economic Development. Class X . NCERT(Revised ed 2025) > Chapter 2: SECTORS OF THE INDIAN ECONOMY > p. 33
Presence: 4/5
“of the private sector. Also, collecting money from thousands of people who use these facilities is not easy. Even if they do provide these things they would charge a high rate for their use. Examples are construction of roads, bridges, railways, harbours, generating electricity, providing irrigation through dams etc. Thus, governments have to undertake such heavy spending and ensure that these facilities are available for everyone. There are some activities, which the government has to support. The private sector may not continue their production or business unless government encourages it. For example, selling electricity at the cost of generation may push up the costs of production of goods in many industries.”
Why this source?
  • Notes governments must undertake heavy spending to provide services and that collecting money from users is difficult.
  • Shows that providing services free requires government expenditure (hence resources are used and alternatives forgone).
Statement 3
When a commodity is provided free to the public by the government, is the opportunity cost transferred from the consumers of the product to the tax-paying public?
Origin: Direct from books Fairness: Straightforward Book-answerable
From standard books
Macroeconomics (NCERT class XII 2025 ed.) > Chapter 5: Government Budget and the Economy > Allocation Function of Government Budget > p. 67
Presence: 4/5
“However, in case of public goods, there is no feasible way of excluding anyone from enjoying the benefits of the good. That is why public goods are called non-excludable. Even if some users do not pay, it is difficult and sometimes impossible to collect fees for the public good. These nonpaying users are known as 'free-riders'. Consumers will not voluntarily pay for what they can get for free and for which there is no exclusive title to the property being enjoyed. The link between the producer and consumer which occurs through the payment process is broken and the government must step in to provide for such goods.”
Why this source?
  • Describes public goods as non-excludable and highlights the free‑rider problem, explaining why consumers will not voluntarily pay for such goods.
  • States that the government must step in to provide these goods, implying private purchasers do not bear the cost when provision is public.
Macroeconomics (NCERT class XII 2025 ed.) > Chapter 5: Government Budget and the Economy > Debt > p. 81
Presence: 4/5
“• 1. Public goods, as distinct from private goods, are collectively consumed. Two important features of public goods are – they are non-rivalrous in that one person can increase her satisfaction from the good without reducing that obtained by others and they are non-excludable, and there is no feasible way of excluding anyone from enjoying the benefits of the good. These make it difficult to collect fees for their use and private enterprise will in general not provide these goods. Hence, they must be provided by the government.• 2. The three functions of allocation, redistribution and stabilisation operate through the expenditure and receipts of the government.• 3.”
Why this source?
  • Defines public goods as non-rivalrous and non-excludable and explicitly says private enterprise will generally not provide these goods.
  • Concludes that such goods 'must be provided by the government', supporting the idea that provision and associated costs shift to the public sector.
Understanding Economic Development. Class X . NCERT(Revised ed 2025) > Chapter 2: SECTORS OF THE INDIAN ECONOMY > SECTORS IN TERMS OF OWNERSHIP: PUBLIC AND PRIVATE SECTORS > p. 32
Presence: 4/5
“To get such services we have to pay money to these individuals and companies. The purpose of the public sector is not just to earn profits. Governments raise money through taxes and other ways to meet expenses on the services rendered by it. Modern day governments spend on a whole range of activities. What are these activities? Why do governments spend on such activities? Let's find out. There are several things needed by the society as a whole but which the private sector will not provide at a reasonable cost. Why? Some of these need spending large sums of money, which is beyond the capacity”
Why this source?
  • States governments raise money through taxes to meet expenses on services rendered by it, linking government provision to taxation finance.
  • Implies that when government supplies services, the funding (and thus the cost) is recovered from taxpayers rather than direct consumers.
Statement 4
When a commodity is provided free to the public by the government, is the opportunity cost transferred from the consumers of the product to the government?
Origin: Direct from books Fairness: Straightforward Book-answerable
From standard books
Indian Economy, Vivek Singh (7th ed. 2023-24) > Chapter 9: Subsidies > 9.5.1 Food Corporation of India (FCI) > p. 293
Presence: 5/5
“Economic Cost: The cost incurred by the central government by way of procurement (at MSP), storage, transportation and distribution (to the nearest depot). Consumer Subsidy: The difference between the economic cost and Central Issue Price (CIP) is called the consumer subsidy and is borne by the central government. In addition to the above, the FCI maintains large buffer stocks of food grains (for future exigencies) which entails a substantial carrying/storage cost and is termed as buffer subsidy. Consumer subsidy and the buffer subsidy together add up to the total food subsidy of Govt. of India.”
Why this source?
  • Explicitly defines 'consumer subsidy' as the difference between government economic cost and issue price and states this subsidy is 'borne by the central government'.
  • Shows a clear budgetary transfer of cost from consumers (lower prices) to the government (procurement, storage, distribution costs).
Understanding Economic Development. Class X . NCERT(Revised ed 2025) > Chapter 2: SECTORS OF THE INDIAN ECONOMY > p. 33
Presence: 4/5
“Many units, especially small-scale units, might have to shut down. Government here steps in by producing and supplying electricity at rates which these industries can afford. Government has to bear part of the cost. Similarly, the Government in India buys wheat and rice from farmers at a 'fair price'. This it stores in its godowns and sells at a lower price to consumers through ration shops. You have read about this in the chapter on Food Security in Class IX. The government has to bear some of the cost. In this way, the government supports both farmers and consumers. There are a large number of activities which are the primary responsibility of the government.”
Why this source?
  • States government supplies goods (electricity, rationed food) at affordable/lower rates and 'has to bear part of the cost'.
  • Illustrates government payment replacing the higher private/market price that consumers would otherwise pay.
Macroeconomics (NCERT class XII 2025 ed.) > Chapter 2: National Income Accounting > NNP ≡ GNP – Depreciation > p. 25
Presence: 3/5
“It is to be noted that all these variables are evaluated at market prices. Through the expression given above, we get the value of NNP evaluated at market prices. But market price includes indirect taxes. When indirect taxes are imposed on goods and services, their prices go up. Indirect taxes accrue to the government. We have to deduct them from NNP evaluated at market prices in order to calculate that part of NNP which actually accrues to the factors of production. Similarly, there may be subsidies granted by the government on the prices of some commodities (in India petrol is heavily taxed by the government, whereas cooking gas is subsidised).”
Why this source?
  • Notes that subsidies may be granted by the government on prices of some commodities, implying costs are taken onto government accounts rather than consumers.
  • Links price interventions (subsidies) to government fiscal incidence.
Pattern takeaway: UPSC Economy questions often strip away political labels (like 'Free Scheme') to test the underlying economic reality (Resource Constraints). The pattern is Definition → Real-world Application.
How you should have studied
  1. [THE VERDICT]: Sitter. Directly solvable using NCERT Class XII Microeconomics (Chapter 1: Introduction) definition of Opportunity Cost.
  2. [THE CONCEPTUAL TRIGGER]: Basic Economic Concepts > Opportunity Cost & Scarcity.
  3. [THE HORIZONTAL EXPANSION]: Master these related cost concepts: 1) Sunk Cost (irretrievable, ignore in decision making), 2) Marginal Cost (cost of one extra unit), 3) Social Cost (Private Cost + Negative Externalities), 4) Implicit vs. Explicit Cost, 5) Public Goods (Non-excludable, Non-rivalrous) vs. Common Goods (Non-excludable, Rivalrous).
  4. [THE STRATEGIC METACOGNITION]: When reading economic definitions, apply the 'Who Pays?' test. The government is an intermediary, not a generator of wealth. Therefore, 'Government pays' mathematically equals 'Taxpayer pays'.
Concept hooks from this question
📌 Adjacent topic to master
S1
👉 Public goods: non-excludable and non-rivalrous
💡 The insight

References describe public goods as non-excludable and collectively consumed, explaining why governments provide them.

High-yield for UPSC economics and public policy: explains market failure and the rationale for state provision. Connects to topics on role of government, welfare economics, and policy design; useful for questions on why private markets may under-provide certain goods.

📚 Reading List :
  • Macroeconomics (NCERT class XII 2025 ed.) > Chapter 5: Government Budget and the Economy > Allocation Function of Government Budget > p. 67
  • Macroeconomics (NCERT class XII 2025 ed.) > Chapter 5: Government Budget and the Economy > Debt > p. 81
🔗 Anchor: "When a commodity is provided free to the public by the government, is the opport..."
📌 Adjacent topic to master
S1
👉 Free-rider problem and need for government provision
💡 The insight

Evidence highlights free-riders and difficulty of charging users, which motivates government intervention to supply such commodities.

Important for analysing public policy choices and social justice arguments. Links to welfare, redistribution, and debates on public vs private provision; enables answers on when and why the state must step in.

📚 Reading List :
  • Macroeconomics (NCERT class XII 2025 ed.) > Chapter 5: Government Budget and the Economy > Allocation Function of Government Budget > p. 67
  • Understanding Economic Development. Class X . NCERT(Revised ed 2025) > Chapter 2: SECTORS OF THE INDIAN ECONOMY > p. 33
🔗 Anchor: "When a commodity is provided free to the public by the government, is the opport..."
📌 Adjacent topic to master
S1
👉 Government financing, expenditure and opportunity cost
💡 The insight

References state governments raise money via taxes and undertake heavy spending to provide services, implying resource costs even when services are 'free' to users.

Crucial for questions on public finance and budgeting: shows that 'free' public provision has fiscal implications and trade-offs (opportunity costs). Helps frame answers on budget priorities, taxation, and the economic cost of public programs.

📚 Reading List :
  • Understanding Economic Development. Class X . NCERT(Revised ed 2025) > Chapter 2: SECTORS OF THE INDIAN ECONOMY > SECTORS IN TERMS OF OWNERSHIP: PUBLIC AND PRIVATE SECTORS > p. 32
  • Macroeconomics (NCERT class XII 2025 ed.) > Chapter 5: Government Budget and the Economy > Debt > p. 81
🔗 Anchor: "When a commodity is provided free to the public by the government, is the opport..."
📌 Adjacent topic to master
S2
👉 Opportunity cost (economic definition)
💡 The insight

The statement hinges on whether 'free' provision eliminates the gain foregone from the next best use of resources — the core of opportunity cost.

High-yield for UPSC economics: understanding opportunity cost allows candidates to evaluate policy trade-offs (subsidies, freebies, public spending). It links to public finance, resource allocation and cost-benefit arguments and helps answer questions on sustainability and prioritisation of government spending.

📚 Reading List :
  • Microeconomics (NCERT class XII 2025 ed.) > Chapter 4: The Theory of the Firm under Perfect Competition > Opportunity cost > p. 61
🔗 Anchor: "When a commodity is provided free to the public by the government, is the opport..."
📌 Adjacent topic to master
S2
👉 Public goods and non-excludability (free-rider problem)
💡 The insight

Government often provides non-excludable goods free; recognizing this category explains why free provision occurs and why fees may not be collected.

Important for UPSC: explains rationale for state provision, implications for budgeting and failures of private markets. Connects to public finance, allocation function of government and policy design for goods like roads, irrigation and defence.

📚 Reading List :
  • Macroeconomics (NCERT class XII 2025 ed.) > Chapter 5: Government Budget and the Economy > Allocation Function of Government Budget > p. 67
  • Macroeconomics (NCERT class XII 2025 ed.) > Chapter 5: Government Budget and the Economy > Debt > p. 81
🔗 Anchor: "When a commodity is provided free to the public by the government, is the opport..."
📌 Adjacent topic to master
S2
👉 Government spending, subsidies and sustainability
💡 The insight

References show governments bear real costs when supplying goods free (e.g., free inputs, heavy spending), leading to sustainability concerns.

Crucial for questions on fiscal policy and public finance — helps evaluate long-term viability of freebies, off‑budget liabilities and trade-offs in resource allocation. Enables answers on why 'free' provision may still impose opportunity costs on the state and economy.

📚 Reading List :
  • Indian Economy, Vivek Singh (7th ed. 2023-24) > Chapter 10: Agriculture - Part I > The following are the salient features of the Model Contract Farming Act 2018: > p. 319
  • Understanding Economic Development. Class X . NCERT(Revised ed 2025) > Chapter 2: SECTORS OF THE INDIAN ECONOMY > p. 33
  • Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 5: Indian Tax Structure and Public Finance > Off-budget Liabilities > p. 117
🔗 Anchor: "When a commodity is provided free to the public by the government, is the opport..."
📌 Adjacent topic to master
S3
👉 Public goods: non-excludability and the free‑rider problem
💡 The insight

References explain that public goods cannot exclude users and lead to free‑riding, which is why governments provide them rather than market producers.

High‑yield for UPSC economics: explains rationale for government intervention, links to public policy questions on provision of goods/services, fiscal choices and welfare. Mastering this helps answer questions on why some goods are publicly provided and the limits of market provision.

📚 Reading List :
  • Macroeconomics (NCERT class XII 2025 ed.) > Chapter 5: Government Budget and the Economy > Allocation Function of Government Budget > p. 67
  • Macroeconomics (NCERT class XII 2025 ed.) > Chapter 5: Government Budget and the Economy > Debt > p. 81
🔗 Anchor: "When a commodity is provided free to the public by the government, is the opport..."
🌑 The Hidden Trap

Production Possibility Frontier (PPF): This is the graphical representation of Opportunity Cost found in the same NCERT chapter. A shift along the PPF curve shows the trade-off (opportunity cost) between two goods. Expect a question on why the PPF is concave to the origin (increasing marginal opportunity cost).

⚡ Elimination Cheat Code

Use the 'TINSTAAFL' Rule (There Is No Such Thing As A Free Lunch). Option A (Zero) is impossible in economics. Option B (Ignored) is unscientific. Between C and D: The Government is a pass-through entity for public funds. The ultimate source of funds is the taxpayer. Therefore, the cost settles on the Taxpayer (C), not the Government entity (D).

🔗 Mains Connection

Mains GS-3 (Government Budgeting) & GS-2 (Governance): This concept is the bedrock of the 'Freebies vs. Welfare' (Revdi Culture) debate. Arguments against free electricity or bus rides rely entirely on the 'Opportunity Cost' logic—money spent here is money NOT spent on capex/infrastructure.

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SIMILAR QUESTIONS

CDS-II · 2021 · Q48 Relevance score: 0.07

Which one of the following is the opportunity cost of a chosen activity?

CDS-II · 2013 · Q56 Relevance score: -1.47

If the average total cost is declining then :

CDS-II · 2015 · Q84 Relevance score: -1.53

What is meant by ‘Public Good’?

CDS-I · 2004 · Q73 Relevance score: -1.90

The stock of commodities held by the nationals of a country at a point of time is the

CDS-II · 2014 · Q98 Relevance score: -2.33

Which of the following theories form the basis of international trade ? 1. Absolute cost difference 2. Comparative cost difference 3. Opportunity cost Select the correct answer using the code given below: