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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The 'Department for Promotion of Industry and Internal Trade' is under which ministry?

A. Ministry of MSME

B. Ministry of Finance

C. Ministry of Commerce and Industry

D. Ministry of Heavy Industries

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Correct Answer: Option C

Explanation:
DPIIT is under the Ministry of Commerce and Industry.

This question belongs to: Economy GK Economy Set 1

Question #2

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PM Gati Shakti is a national master plan for:

A. tax administration

B. multi-modal connectivity and integrated infrastructure planning

C. agricultural exports

D. banking reforms

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Correct Answer: Option B

Explanation:
PM Gati Shakti is a national master plan for multi-modal connectivity and integrated infrastructure planning.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' is collected by the central government under which component?

A. SGST

B. CGST and IGST

C. UTGST only

D. SGST only

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Correct Answer: Option B

Explanation:
The central government collects CGST and IGST.

This question belongs to: Economy GK Economy Set 1

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