Economic cost includes: MCQ with Answer and Explanation

Question

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Economic cost includes:

A. only implicit costs

B. both explicit and implicit costs

C. only explicit costs

D. only accounting costs

Answer: Option B

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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Which of the following is NOT a type of deposit accepted by commercial banks?

A. Time deposits

B. Demand deposits

C. Equity deposits

D. Saving deposits

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Correct Answer: Option C

Explanation:
Commercial banks accept demand deposits (current accounts), savings deposits and time (fixed) deposits. Equity deposits are not a standard category of bank deposits.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'National Policy on Skill Development and Entrepreneurship' was released in which year?

A. 2009

B. 2018

C. 2015

D. 2020

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Correct Answer: Option C

Explanation:
The National Policy on Skill Development and Entrepreneurship was released in 2015.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'UNESCO' headquarters is in:

A. Paris

B. Geneva

C. New York

D. Rome

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Correct Answer: Option A

Explanation:
UNESCO headquarters is in Paris.

This question belongs to: Economy GK Economy Set 1

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