In the context of cost curves, the Average Fixed Cost (AFC) curve is: MCQ with Answer and Explanation

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In the context of cost curves, the Average Fixed Cost (AFC) curve is:

A. U-shaped

B. Horizontal

C. Rectangular hyperbola

D. Upward sloping

Answer: Option C

Solution (By JKSSB Mock Tests)

Average Fixed Cost falls continuously as output increases and the AFC curve is a rectangular hyperbola.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Fiscal Responsibility and Budget Management Act' originally targeted elimination of revenue deficit by which year?

A. 2013-14

B. 2006-07

C. 2010-11

D. 2008-09

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Correct Answer: Option D

Explanation:
FRBM aimed to eliminate revenue deficit by 2008-09.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Startup India' initiative is implemented by which department?

A. Department for Promotion of Industry and Internal Trade

B. Ministry of Finance

C. NITI Aayog

D. Ministry of Skill Development

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Correct Answer: Option A

Explanation:
Startup India is implemented by DPIIT.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' on food in restaurants is generally:

A. 18%

B. 28%

C. 5%

D. 12%

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Correct Answer: Option C

Explanation:
Restaurant services generally attract 5% GST without input tax credit, but some categories differ.

This question belongs to: Economy GK Economy Set 1

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