The slope of an isocost line is equal to: MCQ with Answer and Explanation

Question
The slope of an isocost line is equal to:
A. price of capital divided by price of labour
B. total cost divided by output
C. price of labour divided by price of capital
D. negative price of labour divided by price of capital
Answer: Option D
Solution (By JKSSB Mock Tests)
The isocost line slope is the negative ratio of input prices, typically -w/r, where w is labour price and r is capital price.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
The 'Disposable Personal Income' is personal income minus:
A. corporate tax
B. indirect taxes
C. customs duty
D. direct personal taxes and other deductions
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Correct Answer: Option D

Explanation:
Disposable personal income is personal income after direct personal taxes and other deductions.
This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is a feature of monopolistic competition?
A. Product differentiation
B. Perfect knowledge and free entry without costs
C. Single seller
D. Homogeneous product
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Correct Answer: Option A

Explanation:
Monopolistic competition is characterised by product differentiation, a large number of firms, free entry and exit, and some degree of price control by firms.
This question belongs to: Economy GK Economy Set 1
Question #3
The concept of 'Sudden Stop' in international finance refers to:
A. Only a stop in trade flows
B. Only a stop in domestic investment
C. An abrupt reversal of capital inflows into a country
D. A gradual reduction in capital flows
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Correct Answer: Option C

Explanation:
A sudden stop is a large and abrupt reversal of capital inflows, often associated with currency crises, output collapses and balance-sheet problems in emerging markets.
This question belongs to: Economy GK Economy Set 1
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