An isoquant shows different combinations of two inputs that produce: MCQ with Answer and Explanation

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An isoquant shows different combinations of two inputs that produce:

A. maximum profit

B. different levels of output

C. the same level of output

D. minimum cost

Answer: Option C

Solution (By JKSSB Mock Tests)

An isoquant is a curve showing all combinations of two inputs that yield the same level of output.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on casinos is:

A. 18%

B. 28%

C. 5%

D. 12%

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Correct Answer: Option B

Explanation:
Casino services attract 28% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Money Bill' under Article 110 includes matters related to:

A. police

B. foreign affairs

C. defence

D. taxation, borrowing, expenditure from Consolidated Fund

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Correct Answer: Option D

Explanation:
Money Bill deals with taxes, borrowing, custody of Consolidated Fund, etc.

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Question #3

The 'Goods and Services Tax Council' is a constitutional body under which article?

A. Article 280

B. Article 324

C. Article 356

D. Article 279A

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Correct Answer: Option D

Explanation:
The GST Council is constituted under Article 279A.

This question belongs to: Economy GK Economy Set 1

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