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. vertical

C. horizontal

D. U-shaped

Answer: Option B

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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Practice More Economy Set 1 Questions

Question #1

NITI Aayog was established in 2015 to replace:

A. Planning Commission

B. National Development Council

C. Finance Commission

D. Economic Advisory Council

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Correct Answer: Option A

Explanation:
NITI Aayog replaced the Planning Commission in 2015.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'National Investment Fund' was created with the proceeds of:

A. borrowings

B. taxes

C. disinvestment of central public sector enterprises

D. foreign aid

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Correct Answer: Option C

Explanation:
National Investment Fund was created with disinvestment proceeds.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of money, 'Near Money' includes:

A. Currency notes and coins only

B. Only gold reserves

C. Time deposits, savings deposits and other highly liquid assets

D. Only demand deposits

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Correct Answer: Option C

Explanation:
Near money refers to assets that are highly liquid and can be converted into cash quickly with minimal loss of value, such as time deposits and certain money market instruments.

This question belongs to: Economy GK Economy Set 1

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