An indifference curve is convex to the origin because of: MCQ with Answer and Explanation

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An indifference curve is convex to the origin because of:

A. constant marginal utility

B. increasing returns to scale

C. increasing marginal rate of substitution

D. diminishing marginal rate of substitution

Answer: Option D

Solution (By JKSSB Mock Tests)

Convexity of indifference curves is due to diminishing marginal rate of substitution.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'disinvestment target' in the Union Budget is classified as:

A. revenue expenditure

B. capital expenditure

C. revenue receipt

D. capital receipt

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Correct Answer: Option D

Explanation:
Disinvestment proceeds are capital receipts.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on freight transport by road is:

A. 5%

B. 28%

C. 18%

D. 5% without ITC or 12% with ITC

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Correct Answer: Option D

Explanation:
Goods transport agency services attract 5% without ITC or 12% with ITC.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Intellectual Property Rights' in India are administered by which department?

A. Ministry of Finance

B. Department for Promotion of Industry and Internal Trade

C. Ministry of Law

D. RBI

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Correct Answer: Option B

Explanation:
IPR policy is administered by DPIIT.

This question belongs to: Economy GK Economy Set 1

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