The concept of 'Marginal Efficiency of Capital' was introduced by: MCQ with Answer and Explanation

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The concept of 'Marginal Efficiency of Capital' was introduced by:

A. David Ricardo

B. Classical economists

C. John Maynard Keynes

D. Adam Smith

Answer: Option C

Solution (By JKSSB Mock Tests)

Keynes introduced the concept of Marginal Efficiency of Capital (MEC), which is the expected rate of return on an additional unit of capital asset.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'National Manufacturing Policy' aims to create National Investment and Manufacturing Zones that are basically:

A. special economic zones only

B. industrial parks with world-class infrastructure

C. agricultural zones

D. residential colonies

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Correct Answer: Option B

Explanation:
NIMZs are integrated industrial parks with advanced infrastructure.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'New Development Bank' was established by BRICS in which year?

A. 2016

B. 2012

C. 2015

D. 2014

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Correct Answer: Option D

Explanation:
The New Development Bank was established by BRICS in 2014 and began operations in 2015.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' on life insurance under Pradhan Mantri Jeevan Jyoti Bima Yojana is:

A. 5%

B. 0%

C. exempt

D. 18%

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Correct Answer: Option C

Explanation:
PMJJBY premium is exempt from GST.

This question belongs to: Economy GK Economy Set 1

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