Internal economies of scale arise due to: MCQ with Answer and Explanation

Question
Internal economies of scale arise due to:
A. expansion of the industry
B. expansion of the firm itself
C. government subsidies
D. increase in demand
Answer: Option B
Solution (By JKSSB Mock Tests)
Internal economies of scale arise from the expansion of the individual firm itself.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
Which of the following is a feature of the 'Financial Development' and growth literature?
A. Only the size of the banking system matters and quality is irrelevant
B. Better-functioning financial systems can promote growth by improving the allocation of capital and reducing financing constraints
C. Finance is completely neutral for real activity
D. Financial development always retards growth
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Correct Answer: Option B

Explanation:
A large body of research finds that financial development—deeper, more efficient and more inclusive financial systems—tends to raise long-run growth by relaxing credit constraints and improving resource allocation.
This question belongs to: Economy GK Economy Set 1
Question #2
The 'Composition Scheme' under GST is available for service providers with turnover up to:
A. Rs 50 lakh
B. Rs 20 lakh
C. Rs 1.5 crore
D. Rs 75 lakh
Discuss
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Correct Answer: Option A

Explanation:
Composition scheme for services is available up to Rs 50 lakh.
This question belongs to: Economy GK Economy Set 1
Question #3
In the context of elasticity, if the cross elasticity of demand between two goods is positive, the goods are:
A. Giffen goods
B. Substitutes
C. Complements
D. Inferior goods
Discuss
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Correct Answer: Option B

Explanation:
A positive cross elasticity of demand indicates that the goods are substitutes; a rise in the price of one increases the demand for the other.
This question belongs to: Economy GK Economy Set 1
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