Marginal cost intersects the average total cost curve at its: MCQ with Answer and Explanation

Marginal cost intersects the average total cost curve at its:
A. maximum point
B. minimum point
C. point of inflection
D. starting point
Answer: Option B
Solution (By JKSSB Mock Tests)
Marginal cost intersects average total cost at its minimum point.

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Practice More Economy Set 1 Questions

Question #1
In the context of economic reforms in India, the New Economic Policy of 1991 emphasised:
A. Licence-permit-quota raj
B. Import substitution only
C. Liberalisation, privatisation and globalisation
D. Complete isolation from the world economy

Correct Answer: Option C


Explanation:
The 1991 economic reforms focused on Liberalisation, Privatisation and Globalisation (LPG) to open up the economy, reduce government control and integrate with the global economy.

This question belongs to: Economy GK Economy Set 1
Question #2
The 'Goods and Services Tax' on hotel room service is:
A. 18%
B. 5%
C. 28%
D. 12%

Correct Answer: Option A


Explanation:
Room service in hotels generally attracts 18% GST.

This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is not one of the eight core industries?
A. Coal
B. Natural gas
C. Textiles
D. Crude oil

Correct Answer: Option C


Explanation:
Textiles is not among the eight core industries; they are coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity.

This question belongs to: Economy GK Economy Set 1