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

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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.

This question belongs to: Economy GK Economy Set 1

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Question #1

In the context of monetary policy frameworks, 'Average Inflation Targeting' involves:

A. Targeting only the current inflation rate

B. Targeting an average inflation rate over a multi-year period, allowing temporary overshoots to make up for past undershoots

C. Ignoring past inflation outcomes completely

D. Only targeting the price level

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Correct Answer: Option B

Explanation:
Average inflation targeting commits the central bank to achieve an average inflation rate over a longer period, so that periods of below-target inflation are followed by periods of above-target inflation (and vice versa).

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' rate on concerts and sporting events is:

A. 28%

B. 18%

C. 12%

D. 5%

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Correct Answer: Option B

Explanation:
Concerts and sporting events attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The total expenditure of the government is divided into:

A. plan and non-plan expenditure only

B. revenue expenditure and capital expenditure

C. mandatory and voluntary expenditure

D. direct and indirect expenditure

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Correct Answer: Option B

Explanation:
Total government expenditure is classified into revenue expenditure and capital expenditure.

This question belongs to: Economy GK Economy Set 1

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