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

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Opportunity cost is the value of:

A. the next best alternative foregone

B. the total money spent

C. the cheapest available alternative

D. all possible alternatives foregone

Answer: Option A

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

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Practice More Economy Set 1 Questions

Question #1

The 'GDP at constant prices' in India uses which base year?

A. 2015-16

B. 2019-20

C. 2004-05

D. 2011-12

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Correct Answer: Option D

Explanation:
India's GDP constant price series currently uses base year 2011-12.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of Indian banking, the term 'Priority Sector Lending' includes advances to:

A. Only export-oriented units

B. Only large industrial houses

C. Agriculture, micro and small enterprises, education and housing

D. Only infrastructure projects by private companies

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Correct Answer: Option C

Explanation:
Priority Sector Lending targets sectors such as agriculture, micro, small and medium enterprises, education, housing, social infrastructure and renewable energy.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'GST' is a destination-based tax, so tax revenue accrues to:

A. centre only

B. exporting state

C. producing state

D. consuming state

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Correct Answer: Option D

Explanation:
GST is destination-based; tax revenue goes to the state where goods are consumed.

This question belongs to: Economy GK Economy Set 1

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