Opportunity cost is the value of: MCQ with Answer and Explanation

Question

Share Report Error

Opportunity cost is the value of:

A. the cheapest available alternative

B. the next best alternative foregone

C. all possible alternatives foregone

D. the total money spent

Answer: Option B

Solution (By JKSSB Mock Tests)

Opportunity cost is the value of the next best alternative forgone.

This question belongs to: Economy GK Economy Set 1

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

In the context of public finance, 'Tax Incidence' refers to:

A. The legal liability to pay the tax

B. The final burden of the tax after shifting

C. The administrative cost of tax collection

D. The total tax revenue collected

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option B

Explanation:
Tax incidence refers to the final resting place of the tax burden — who ultimately bears the economic burden of the tax after possible shifting.

This question belongs to: Economy GK Economy Set 1

Question #2

Non-Banking Financial Companies are regulated by:

A. Reserve Bank of India

B. SEBI

C. IRDA

D. Ministry of Finance

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
NBFCs are regulated by the Reserve Bank of India.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Gross Value Added' at basic prices excludes:

A. indirect taxes net of subsidies

B. depreciation

C. net factor income from abroad

D. all taxes

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
GVA at basic prices is measured before net product taxes, so it excludes net indirect taxes.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs