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. Both micro and macroeconomics

B. Only macroeconomics

C. Only international economics

D. Only microeconomics

Answer: Option A

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

Which of the following is a major source of revenue for the Central Government of India?

A. Only property tax

B. Only professional tax

C. Only state GST

D. Corporation tax, income tax and GST (central share)

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Correct Answer: Option D

Explanation:
Major sources of central government revenue include corporation tax, personal income tax, and the central share of GST, along with customs and other duties.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is the formula for calculating fiscal deficit?

A. Total expenditure − Total receipts excluding borrowings

B. Revenue expenditure − Revenue receipts

C. Total expenditure − Total receipts including borrowings

D. Capital expenditure − Capital receipts

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Correct Answer: Option A

Explanation:
Fiscal deficit = Total expenditure − (Revenue receipts + Non-debt capital receipts). It indicates the total borrowing requirement of the government.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Asian Infrastructure Investment Bank' is headquartered in:

A. Manila

B. Tokyo

C. Beijing

D. Singapore

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Correct Answer: Option C

Explanation:
The Asian Infrastructure Investment Bank is headquartered in Beijing.

This question belongs to: Economy GK Economy Set 1

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