In the context of production functions, returns to scale refer to: MCQ with Answer and Explanation

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In the context of production functions, returns to scale refer to:

A. Change in output when one input is varied

B. Change in output when all inputs are varied proportionately

C. Change in price when supply changes

D. Change in cost when output changes

Answer: Option B

Solution (By JKSSB Mock Tests)

Returns to scale examine how output changes when all inputs are increased by the same proportion. They can be increasing, constant or decreasing.

This question belongs to: Economy GK Economy Set 1

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The 'International Monetary Fund' in India provides advice on:

A. criminal justice

B. macroeconomic policy and balance of payments

C. defence strategy

D. elections

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Correct Answer: Option B

Explanation:
IMF advises on macroeconomic policy and balance of payments.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'National Manufacturing Policy' was released in which year?

A. 2005

B. 2017

C. 2011

D. 2014

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Correct Answer: Option C

Explanation:
The National Manufacturing Policy was released in 2011.

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Question #3

The 'Global Hunger Index' is published by:

A. Concern Worldwide and Welthungerhilfe

B. UNDP

C. World Bank

D. WHO

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Correct Answer: Option A

Explanation:
The Global Hunger Index is jointly published by Concern Worldwide and Welthungerhilfe.

This question belongs to: Economy GK Economy Set 1

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