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. has already been incurred and cannot be recovered

C. falls as output rises

D. is equal to marginal cost

Answer: Option B

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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In the context of economic planning, indicative planning is characterised by:

A. Only private sector planning

B. Absence of any targets

C. Complete government control over all sectors

D. Setting targets and providing incentives without compulsion

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Correct Answer: Option D

Explanation:
Indicative planning involves setting broad targets and providing incentives and information to guide private sector decisions rather than imposing compulsory directives.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Goods and Services Tax' on unbranded cereals is:

A. 18%

B. 0%

C. 12%

D. 5%

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Correct Answer: Option B

Explanation:
Unbranded cereals are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Agriculture Marketing' in India is primarily regulated by:

A. State Agricultural Produce Marketing Committee Acts

B. RBI

C. NABARD

D. SEBI

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Correct Answer: Option A

Explanation:
Agricultural marketing is regulated by State APMC Acts.

This question belongs to: Economy GK Economy Set 1

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