The 'Food Corporation of India' procures food grains at: MCQ with Answer and Explanation

The 'Food Corporation of India' procures food grains at:
A. free of cost
B. Minimum Support Price
C. market price
D. minimum export price
Answer: Option B
Solution (By JKSSB Mock Tests)
FCI procures food grains at Minimum Support Price.

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1
The 'Pradhan Mantri Awaas Yojana - Gramin' aims to provide:
A. urban housing
B. pucca houses to rural poor
C. skill training
D. crop loans

Correct Answer: Option B


Explanation:
PMAY-G provides pucca houses with basic amenities to rural poor households.

This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is a characteristic of a developed economy?
A. High per capita income
B. Low level of capital formation
C. High dependence on agriculture
D. High rate of population growth

Correct Answer: Option A


Explanation:
Developed economies are characterised by high per capita income, high level of industrialisation, low population growth and high capital formation.

This question belongs to: Economy GK Economy Set 1
Question #3
The concept of 'Consumer Equilibrium' under indifference curve analysis is achieved when:
A. Price equals average cost
B. Marginal utility is zero
C. The budget line is tangent to the highest attainable indifference curve
D. Total utility is maximum without budget constraint

Correct Answer: Option C


Explanation:
Consumer equilibrium occurs at the point where the budget line is tangent to an indifference curve, equating the marginal rate of substitution with the price ratio.

This question belongs to: Economy GK Economy Set 1