The 'Farmers' Produce Trade and Commerce (Promotion and Facilitation) Act, 2020' was later: MCQ with Answer and Explanation

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The 'Farmers' Produce Trade and Commerce (Promotion and Facilitation) Act, 2020' was later:

A. implemented fully

B. extended to 2030

C. amended only

D. repealed in 2021

Answer: Option D

Solution (By JKSSB Mock Tests)

The three farm laws of 2020 were repealed in 2021.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'errors and omissions' item in the balance of payments is used to:

A. show imports

B. show foreign exchange reserves

C. balance the statistical discrepancies

D. show exports

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Correct Answer: Option C

Explanation:
Errors and omissions balance statistical discrepancies so the BoP accounts sum to zero.

This question belongs to: Economy GK Economy Set 1

Question #2

A sunk cost is a cost that:

A. falls as output rises

B. is equal to marginal cost

C. can be recovered easily

D. has already been incurred and cannot be recovered

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Correct Answer: Option D

Explanation:
A sunk cost has already been incurred and cannot be recovered.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Opportunity Cost' is best defined as:

A. The total cost incurred in production

B. The cost of producing one more unit of a commodity

C. The difference between total revenue and total cost

D. The value of the next best alternative forgone

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Correct Answer: Option D

Explanation:
Opportunity cost refers to the value of the next best alternative that is sacrificed when a choice is made. It is a fundamental concept in economics.

This question belongs to: Economy GK Economy Set 1

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