In the context of cost analysis, fixed costs in the short run: MCQ with Answer and Explanation

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In the context of cost analysis, fixed costs in the short run:

A. Vary with the level of output

B. Are always greater than variable costs

C. Remain constant irrespective of the level of output

D. Are zero at zero output

Answer: Option C

Solution (By JKSSB Mock Tests)

Fixed costs do not change with the level of output in the short run; they must be incurred even if output is zero.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Sustainable Development Goals' were adopted by the United Nations in which year?

A. 2016

B. 2000

C. 2020

D. 2015

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Correct Answer: Option D

Explanation:
The Sustainable Development Goals were adopted in 2015.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' rate on mobile phones is:

A. 12%

B. 18%

C. 5%

D. 28%

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Correct Answer: Option B

Explanation:
Mobile phones attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'General Agreement on Tariffs and Trade' was replaced by the WTO in which year?

A. 1995

B. 1998

C. 1993

D. 2001

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Correct Answer: Option A

Explanation:
The WTO replaced GATT in 1995.

This question belongs to: Economy GK Economy Set 1

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