The 'C2 cost' in agriculture includes A2 plus family labour plus: MCQ with Answer and Explanation

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The 'C2 cost' in agriculture includes A2 plus family labour plus:

A. interest on land and fixed capital

B. only pesticide cost

C. only fertilizer cost

D. only seed cost

Answer: Option A

Solution (By JKSSB Mock Tests)

C2 cost includes A2 plus family labour plus interest on land and fixed capital.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Marginal revenue product of labour is calculated as:

A. AP of labour divided by wage

B. MP of labour multiplied by marginal revenue

C. total product multiplied by wage

D. marginal cost divided by output

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Correct Answer: Option B

Explanation:
Marginal revenue product of labour equals marginal product of labour multiplied by marginal revenue.

This question belongs to: Economy GK Economy Set 1

Question #2

The expenditure on old age pension is classified as:

A. revenue expenditure

B. plan expenditure

C. developmental expenditure

D. capital expenditure

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Correct Answer: Option A

Explanation:
Old age pension is a recurring revenue expenditure that does not create assets.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Effective Demand' in Keynesian economics determines:

A. The level of employment and output

B. Only the interest rate

C. Only the money supply

D. Only the price level

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Correct Answer: Option A

Explanation:
According to Keynes, the level of effective demand (where aggregate demand equals aggregate supply) determines the equilibrium level of employment and output.

This question belongs to: Economy GK Economy Set 1

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