The 'long-run aggregate supply curve' is: MCQ with Answer and Explanation

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The 'long-run aggregate supply curve' is:

A. downward sloping

B. horizontal

C. vertical

D. U-shaped

Answer: Option C

Solution (By JKSSB Mock Tests)

The long-run aggregate supply curve is vertical at the full employment level of output.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is NOT a function of money?

A. Medium of exchange

B. Store of value

C. Means of production

D. Unit of account

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Correct Answer: Option C

Explanation:
The primary functions of money are medium of exchange, measure of value (unit of account), store of value and standard of deferred payments. Means of production is not a function of money.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'National Commission for Scheduled Castes' is constituted under which article?

A. Article 341

B. Article 338

C. Article 342

D. Article 340

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Correct Answer: Option B

Explanation:
The National Commission for Scheduled Castes is constituted under Article 338.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'National Housing Bank' is a subsidiary of:

A. Reserve Bank of India

B. SIDBI

C. SEBI

D. NABARD

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Correct Answer: Option A

Explanation:
The National Housing Bank is a wholly owned subsidiary of the RBI.

This question belongs to: Economy GK Economy Set 1

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