The Energy Crisis in India is often measured in terms of: MCQ with Answer and Explanation

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The Energy Crisis in India is often measured in terms of:

A. agricultural output

B. fiscal deficit

C. forest cover

D. peak demand deficit and energy deficit

Answer: Option D

Solution (By JKSSB Mock Tests)

The power sector deficit is measured by the gap between peak demand and availability.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Employees' State Insurance Corporation' provides medical benefit to insured workers from:

A. day one of insurable employment for certain benefits

B. after one year

C. after retirement

D. first day of employment

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Correct Answer: Option A

Explanation:
ESIC medical benefit is available from day one of insurable employment.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of production, the law of variable proportions is also known as:

A. Law of increasing returns

B. Law of diminishing returns

C. Law of returns to scale

D. Law of constant returns

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Correct Answer: Option B

Explanation:
The law of variable proportions (or law of diminishing returns) states that as more units of a variable factor are applied to a fixed factor, after a point, the marginal product of the variable factor diminishes.

This question belongs to: Economy GK Economy Set 1

Question #3

Fixed costs are costs that:

A. are zero in the long run

B. equal variable costs

C. vary directly with output

D. remain constant irrespective of output in the short run

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Correct Answer: Option D

Explanation:
Fixed costs do not change with the level of output in the short run.

This question belongs to: Economy GK Economy Set 1

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