In the context of production theory, an isoquant represents: MCQ with Answer and Explanation

Question
In the context of production theory, an isoquant represents:
A. Combinations of income and consumption
B. Combinations of two goods that give the same utility
C. Combinations of prices that maximise profit
D. Combinations of two inputs that produce the same level of output
Answer: Option D
Solution (By JKSSB Mock Tests)
An isoquant is a locus of points showing different combinations of two inputs that yield the same quantity of output.
This question belongs to: Economy GK Economy Set 1
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Question #1
Which of the following is a characteristic of the 'Global Value Chains' phenomenon?
A. Only final goods are traded
B. Trade is limited to primary commodities
C. All production occurs within a single country
D. Production processes are fragmented across countries, with intermediate goods crossing borders multiple times
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Correct Answer: Option D

Explanation:
Global value chains describe the international fragmentation of production in which different stages of the production process are located in different countries and intermediate inputs are traded intensively.
This question belongs to: Economy GK Economy Set 1
Question #2
The 'first bank in India' was:
A. State Bank of India
B. Punjab National Bank
C. Bank of Calcutta
D. Bank of Hindustan
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Correct Answer: Option D

Explanation:
The Bank of Hindustan, established in 1770, is considered the first bank in India.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'Securities and Exchange Board of India' was established in 1988 but became a statutory body in:
A. 1992
B. 1990
C. 2000
D. 1995
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Correct Answer: Option A

Explanation:
SEBI became a statutory body in 1992.
This question belongs to: Economy GK Economy Set 1
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