Economic cost includes: MCQ with Answer and Explanation

Question

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Economic cost includes:

A. only implicit costs

B. only explicit costs

C. both explicit and implicit costs

D. only accounting costs

Answer: Option C

Solution (By JKSSB Mock Tests)

Economic cost includes both explicit costs and implicit opportunity costs.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'one rupee note' bears the signature of:

A. RBI Governor

B. Finance Secretary

C. Finance Minister

D. President

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Correct Answer: Option B

Explanation:
The one rupee note bears the signature of the Finance Secretary.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Goods and Services Tax' Council decisions are implemented by:

A. SEBI

B. central and state governments through respective GST laws

C. RBI

D. Supreme Court

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Correct Answer: Option B

Explanation:
Central and state governments implement GST Council recommendations through their GST laws.

This question belongs to: Economy GK Economy Set 1

Question #3

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In the context of economic reforms, 'Disinvestment' involves:

A. Nationalisation of private firms

B. Increasing government stake in public sector enterprises

C. Sale of government equity in public sector enterprises

D. Complete closure of all public enterprises

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Correct Answer: Option C

Explanation:
Disinvestment refers to the sale of government-held shares in public sector enterprises to private investors or the public, thereby reducing the government's ownership stake.

This question belongs to: Economy GK Economy Set 1

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