The 'Production Linked Incentive' scheme aims to: MCQ with Answer and Explanation

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The 'Production Linked Incentive' scheme aims to:

A. promote imports

B. boost domestic manufacturing by linking incentives to incremental output

C. reduce production

D. increase imports

Answer: Option B

Solution (By JKSSB Mock Tests)

PLI schemes provide incentives to boost domestic manufacturing.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is a feature of the Keynesian consumption function?

A. Consumption depends only on the rate of interest

B. Average propensity to consume rises with income

C. Consumption is a function of current disposable income

D. Consumption is independent of income

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Correct Answer: Option C

Explanation:
The simple Keynesian consumption function states that current consumption depends primarily on current disposable income, with a positive marginal propensity to consume less than one.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Mega Food Park' scheme aims to:

A. reduce food production

B. create modern food processing infrastructure

C. promote raw exports only

D. increase food imports

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Correct Answer: Option B

Explanation:
Mega Food Parks provide modern food processing infrastructure and supply chain facilities.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Sunk Cost' is important because:

A. It increases with output in the long run

B. It is a cost that has already been incurred and should be ignored in future decisions

C. It is the only cost relevant for pricing

D. It should always be considered in future decision making

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Correct Answer: Option B

Explanation:
Sunk costs are costs that have already been incurred and cannot be recovered. Rational decision-making requires ignoring sunk costs and focusing on future (incremental) costs and benefits.

This question belongs to: Economy GK Economy Set 1

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