Fixed costs are costs that: MCQ with Answer and Explanation

Question

Share Report Error

Fixed costs are costs that:

A. equal variable costs

B. remain constant irrespective of output in the short run

C. vary directly with output

D. are zero in the long run

Answer: Option B

Solution (By JKSSB Mock Tests)

Fixed costs do not change with the level of output in the short run.

This question belongs to: Economy GK Economy Set 1

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

Share Report

The 'Finance Committee' of Parliament is:

A. a standing committee

B. a statutory body

C. an ad hoc committee

D. a constitutional body

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
The Finance Committee is a parliamentary standing committee.

This question belongs to: Economy GK Economy Set 1

Question #2

Share Report

Which of the following is NOT a determinant of the supply of a commodity?

A. Price of the commodity

B. Technology

C. Cost of production

D. Tastes and preferences of consumers

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
Tastes and preferences of consumers affect demand, not supply. Supply is determined by price, cost of production, technology, prices of related goods, and government policies.

This question belongs to: Economy GK Economy Set 1

Question #3

Share Report

The 'Economic Community of West African States' promotes economic integration in:

A. West Africa

B. South America

C. Asia

D. Europe

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
ECOWAS promotes economic integration in West Africa.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs