A sunk cost is a cost that: MCQ with Answer and Explanation

Question

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A sunk cost is a cost that:

A. can be recovered easily

B. falls as output rises

C. is equal to marginal cost

D. has already been incurred and cannot be recovered

Answer: Option D

Solution (By JKSSB Mock Tests)

A sunk cost has already been incurred and cannot be recovered.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Goods and Services Tax' on helicopter services is:

A. 28%

B. 12%

C. 18%

D. 5%

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Correct Answer: Option C

Explanation:
Helicopter services attract 18% GST, with some exemptions for pilgrimage.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is a major objective of the World Trade Organisation?

A. Promoting free and fair trade among nations

B. Providing short-term BOP support

C. Maintaining exchange rate stability

D. Providing development loans

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Correct Answer: Option A

Explanation:
The WTO aims to promote free and fair international trade by reducing trade barriers, settling disputes and providing a framework for trade negotiations.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Food and Agriculture Organization' is headquartered in:

A. Geneva

B. Vienna

C. New York

D. Rome

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Correct Answer: Option D

Explanation:
The Food and Agriculture Organization is headquartered in Rome, Italy.

This question belongs to: Economy GK Economy Set 1

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