The law of variable proportions is associated with the: MCQ with Answer and Explanation

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The law of variable proportions is associated with the:

A. all time periods equally

B. long run

C. very long run

D. short run

Answer: Option D

Solution (By JKSSB Mock Tests)

The law of variable proportions operates in the short run when at least one factor is fixed.

This question belongs to: Economy GK Economy Set 1

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Question #1

The free-rider problem is associated with:

A. common resources

B. private goods

C. club goods

D. public goods

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Correct Answer: Option D

Explanation:
Public goods are non-excludable, so individuals can benefit without paying, creating the free-rider problem.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Rashtriya Uchchatar Shiksha Abhiyan' is related to:

A. higher education

B. primary education

C. skill development

D. adult literacy

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Correct Answer: Option A

Explanation:
RUSA is a centrally sponsored scheme for higher education.

This question belongs to: Economy GK Economy Set 1

Question #3

A firm should shut down in the short run if price is less than:

A. marginal cost

B. average variable cost

C. average fixed cost

D. average total cost

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Correct Answer: Option B

Explanation:
In the short run, a firm shuts down if price is less than average variable cost.

This question belongs to: Economy GK Economy Set 1

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