The concept of 'Producer Surplus' is the difference between: MCQ with Answer and Explanation

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The concept of 'Producer Surplus' is the difference between:

A. What producers are willing to accept and what they actually receive

B. Total revenue and total cost

C. Price and marginal cost only

D. What consumers are willing to pay and what they actually pay

Answer: Option A

Solution (By JKSSB Mock Tests)

Producer surplus is the difference between the amount a producer is willing to accept for a good and the amount actually received (market price).

This question belongs to: Economy GK Economy Set 1

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The 'Atal Incubation Centre' scheme supports:

A. government departments

B. foreign companies

C. large industries

D. startups and entrepreneurs

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Correct Answer: Option D

Explanation:
Atal Incubation Centres support startups and entrepreneurs.

This question belongs to: Economy GK Economy Set 1

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Which of the following is the correct sequence of stages in the business cycle?

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Correct Answer: Option A

Explanation:
The typical stages of a business cycle are expansion (recovery), peak (boom), contraction (recession) and trough (depression), and then the cycle repeats.

This question belongs to: Economy GK Economy Set 1

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Correct Answer: Option B

Explanation:
Foreign Trade Policy is formulated by the Ministry of Commerce and Industry.

This question belongs to: Economy GK Economy Set 1

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