The long-run average cost curve is often called the: MCQ with Answer and Explanation

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The long-run average cost curve is often called the:

A. planning curve or envelope curve

B. indifference curve

C. marginal cost curve

D. demand curve

Answer: Option A

Solution (By JKSSB Mock Tests)

The long-run average cost curve is also called the planning curve or envelope curve.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

A monopsony is a market situation with:

A. two sellers

B. many buyers and sellers

C. a single seller

D. a single buyer

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Correct Answer: Option D

Explanation:
A monopsony is a market structure in which there is only one buyer of a good or service.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Keynesian cross' model shows equilibrium income where:

A. interest rate equals inflation

B. exports equal imports

C. money supply equals money demand

D. aggregate demand equals aggregate supply

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Correct Answer: Option D

Explanation:
The Keynesian cross shows equilibrium where aggregate demand equals aggregate supply.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'World Bank Group' has how many member countries in IBRD?

A. 193

B. 189

C. 164

D. 150

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Correct Answer: Option B

Explanation:
IBRD has 189 member countries.

This question belongs to: Economy GK Economy Set 1

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