The concept of 'Opportunity Cost' is central to which branch of economics? MCQ with Answer and Explanation

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The concept of 'Opportunity Cost' is central to which branch of economics?

A. Only international economics

B. Only macroeconomics

C. Only microeconomics

D. Both micro and macroeconomics

Answer: Option D

Solution (By JKSSB Mock Tests)

Opportunity cost is a fundamental concept used in both microeconomics (individual choice) and macroeconomics (resource allocation at national level).

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Reserve Bank of India' was nationalized on:

A. 15 August 1947

B. 1 January 1947

C. 1 January 1949

D. 26 January 1950

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Correct Answer: Option C

Explanation:
The RBI was nationalized on 1 January 1949.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'exchange rate pass-through' refers to the effect of exchange rate changes on:

A. government spending

B. unemployment only

C. domestic prices of imports and inflation

D. stock prices only

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Correct Answer: Option C

Explanation:
Exchange rate pass-through is the impact of exchange rate changes on domestic prices.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Atal Pension Yojana' is primarily targeted at:

A. children

B. unorganized sector workers

C. organized sector employees only

D. government employees only

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Correct Answer: Option B

Explanation:
Atal Pension Yojana provides pension to workers in the unorganized sector.

This question belongs to: Economy GK Economy Set 1

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