Average product is obtained by dividing total product by: MCQ with Answer and Explanation

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Average product is obtained by dividing total product by:

A. total cost

B. units of variable input

C. fixed input

D. marginal product

Answer: Option B

Solution (By JKSSB Mock Tests)

Average product is total product divided by the units of the variable input used.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Goods and Services Tax' revenue from IGST is shared between:

A. local bodies

B. centre only

C. centre and states as per GST law

D. states only

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Correct Answer: Option C

Explanation:
IGST is collected by the centre and apportioned between centre and states.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Pradhan Mantri Annadata Aay Sanrakshan Abhiyan' is a scheme for:

A. fertilizer subsidy

B. crop insurance

C. irrigation

D. ensuring remunerative prices to farmers

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Correct Answer: Option D

Explanation:
PM-AASHA aims to ensure remunerative prices to farmers through price support, price deficiency payment and private procurement.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'GST Network' was incorporated in which year?

A. 2012

B. 2013

C. 2014

D. 2016

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Correct Answer: Option B

Explanation:
GSTN was incorporated in 2013.

This question belongs to: Economy GK Economy Set 1

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