The short-run average cost curve is U-shaped mainly due to: MCQ with Answer and Explanation

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The short-run average cost curve is U-shaped mainly due to:

A. the law of variable proportions

B. economies of scale

C. constant returns to scale

D. external economies

Answer: Option A

Solution (By JKSSB Mock Tests)

In the short run, U-shaped average cost arises from the law of variable proportions.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on online education courses is:

A. 18%

B. 12%

C. 0%

D. 5%

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Correct Answer: Option A

Explanation:
Online education courses generally attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

Human capital refers to:

A. financial assets of a country

B. physical machinery used in production

C. natural resources

D. the stock of skills, education and health embodied in workers

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Correct Answer: Option D

Explanation:
Human capital is the stock of skills, education and health embodied in workers that enhances productivity.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Income Tax Return' in India is filed by individuals whose income exceeds:

A. the basic exemption limit

B. Rs 10 lakh

C. Rs 1 lakh

D. Rs 5 lakh

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Correct Answer: Option A

Explanation:
Individuals must file ITR if income exceeds the basic exemption limit.

This question belongs to: Economy GK Economy Set 1

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