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

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In the context of production theory, an isoquant represents:

A. Combinations of two goods that give the same utility

B. Combinations of income and consumption

C. Combinations of two inputs that produce the same level of output

D. Combinations of prices that maximise profit

Answer: Option C

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

The 'Goods and Services Tax' on life insurance under Pradhan Mantri Jeevan Jyoti Bima Yojana is:

A. 5%

B. 0%

C. exempt

D. 18%

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Correct Answer: Option C

Explanation:
PMJJBY premium is exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on Pradhan Mantri Suraksha Bima Yojana premium is:

A. 0%

B. 18%

C. exempt

D. 5%

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Correct Answer: Option C

Explanation:
PMSBY premium is exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is NOT a function of the Reserve Bank of India?

A. Formulating fiscal policy

B. Acting as banker to the government

C. Issuing currency notes

D. Controlling credit

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Correct Answer: Option A

Explanation:
Fiscal policy is formulated by the government (Ministry of Finance). RBI is responsible for monetary policy, currency issue, banker to government and credit control.

This question belongs to: Economy GK Economy Set 1

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