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. diminishing marginal rate of substitution

B. increasing marginal rate of substitution

C. increasing returns to scale

D. constant marginal utility

Answer: Option A

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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Question #1

Which of the following is a feature of monopolistic competition?

A. Single seller

B. Perfect knowledge and free entry without costs

C. Product differentiation

D. Homogeneous product

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Correct Answer: Option C

Explanation:
Monopolistic competition is characterised by product differentiation, a large number of firms, free entry and exit, and some degree of price control by firms.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Agricultural Census' in India is conducted by the Ministry of Agriculture and Farmers Welfare every how many years?

A. 5 years

B. 3 years

C. 10 years

D. 2 years

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Correct Answer: Option A

Explanation:
The Agricultural Census is conducted every five years.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'General Agreement on Tariffs and Trade' was replaced by the WTO in which year?

A. 1995

B. 1993

C. 1998

D. 2001

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Correct Answer: Option A

Explanation:
The WTO replaced GATT in 1995.

This question belongs to: Economy GK Economy Set 1

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