In the context of cost, Marginal Cost is defined as: MCQ with Answer and Explanation

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In the context of cost, Marginal Cost is defined as:

A. Total cost divided by output

B. Variable cost divided by output

C. Fixed cost divided by output

D. Change in total cost due to production of one additional unit

Answer: Option D

Solution (By JKSSB Mock Tests)

Marginal Cost (MC) is the addition to total cost when one more unit of output is produced. MC = ΔTC/ΔQ.

This question belongs to: Economy GK Economy Set 1

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The 'GST Council' secretariat is located in:

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B. Mumbai

C. Gandhinagar

D. Bengaluru

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Correct Answer: Option A

Explanation:
The GST Council secretariat is located in New Delhi.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'spot market' in foreign exchange deals with:

A. futures only

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C. options only

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Correct Answer: Option D

Explanation:
Spot foreign exchange transactions involve immediate delivery of currencies.

This question belongs to: Economy GK Economy Set 1

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Correct Answer: Option A

Explanation:
Agricultural credit in India is primarily provided by commercial banks, regional rural banks and cooperative banks, along with NABARD refinancing.

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