The 'BIMSTEC' grouping includes countries from: MCQ with Answer and Explanation

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The 'BIMSTEC' grouping includes countries from:

A. South Asia and Southeast Asia

B. Europe

C. Africa

D. Latin America

Answer: Option A

Solution (By JKSSB Mock Tests)

BIMSTEC includes countries from South Asia and Southeast Asia around the Bay of Bengal.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

In the context of production functions, returns to scale refer to:

A. Change in price when supply changes

B. Change in output when all inputs are varied proportionately

C. Change in output when one input is varied

D. Change in cost when output changes

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Correct Answer: Option B

Explanation:
Returns to scale examine how output changes when all inputs are increased by the same proportion. They can be increasing, constant or decreasing.

This question belongs to: Economy GK Economy Set 1

Question #2

If a country's current account is in deficit, its capital account must be in:

A. zero

B. deficit as well

C. surplus or official reserves must fall

D. equilibrium

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Correct Answer: Option C

Explanation:
A current account deficit must be financed by a capital account surplus or a drawdown of official reserves.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of the production possibility frontier, an outward shift indicates:

A. A decline in the productive capacity of the economy

B. Inefficient allocation of resources

C. Underutilisation of resources

D. Economic growth arising from an increase in resources or improvement in technology

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Correct Answer: Option D

Explanation:
An outward shift of the PPF reflects an increase in the economy's productive capacity due to growth in resources or technological progress.

This question belongs to: Economy GK Economy Set 1

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