In the context of cost curves, the Marginal Cost curve intersects the Average Cost curve at: MCQ with Answer and Explanation

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In the context of cost curves, the Marginal Cost curve intersects the Average Cost curve at:

A. Its maximum point

B. Its minimum point

C. Any random point

D. The origin

Answer: Option B

Solution (By JKSSB Mock Tests)

The MC curve intersects both the AVC and ATC curves at their respective minimum points.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' rate on e-books is:

A. 12%

B. 18%

C. 0%

D. 5%

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Correct Answer: Option D

Explanation:
E-books attract 5% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of inflation, 'Headline Inflation' includes:

A. Only housing prices

B. All items in the consumer price basket including food and fuel

C. Only core components excluding food and fuel

D. Only manufactured goods prices

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Correct Answer: Option B

Explanation:
Headline inflation measures the overall change in the price level of a comprehensive basket of goods and services, including volatile items such as food and fuel.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is NOT a type of inflation based on speed?

A. Demand-pull inflation

B. Walking inflation

C. Galloping inflation

D. Creeping inflation

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Correct Answer: Option A

Explanation:
Demand-pull inflation is a classification based on cause. Based on speed/intensity, inflation is classified as creeping, walking, running and galloping (or hyperinflation).

This question belongs to: Economy GK Economy Set 1

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