The Soil Health Card scheme provides farmers information on: MCQ with Answer and Explanation

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The Soil Health Card scheme provides farmers information on:

A. weather forecast

B. land ownership records

C. soil nutrient status and recommended fertilizer use

D. market prices

Answer: Option C

Solution (By JKSSB Mock Tests)

Soil Health Cards provide information on soil nutrient status and fertilizer recommendations.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'deflation' refers to:

A. a rise in inflation

B. a fall in unemployment

C. a fall in the rate of inflation

D. a sustained fall in the general price level

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Correct Answer: Option D

Explanation:
Deflation is a sustained decline in the general price level.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of cost, the relationship between Average Cost (AC) and Marginal Cost (MC) is:

A. When MC > AC, AC is falling

B. When MC = AC, AC is minimum

C. When MC < AC, AC is rising

D. MC is always greater than AC

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Correct Answer: Option B

Explanation:
When Marginal Cost equals Average Cost, Average Cost is at its minimum. If MC is below AC, AC falls; if MC is above AC, AC rises.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a characteristic of a command economy?

A. Central authority allocates resources according to a plan

B. Consumer sovereignty as the guiding principle

C. Prices determined solely by market forces

D. Decentralised decision making by private firms

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Correct Answer: Option A

Explanation:
In a command (planned) economy, a central planning authority makes major decisions regarding production, allocation of resources and distribution of goods.

This question belongs to: Economy GK Economy Set 1

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