Which of the following is a characteristic of the short-run production function? MCQ with Answer and Explanation

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Which of the following is a characteristic of the short-run production function?

A. Returns to scale are the only relevant concept

B. No diminishing returns possible

C. All factors are variable

D. At least one factor is fixed

Answer: Option D

Solution (By JKSSB Mock Tests)

In the short run, at least one factor of production is fixed, and the law of variable proportions operates.

This question belongs to: Economy GK Economy Set 1

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Question #1

Economic cost includes:

A. only explicit costs

B. both explicit and implicit costs

C. only implicit costs

D. only accounting costs

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Correct Answer: Option B

Explanation:
Economic cost includes both explicit costs and implicit opportunity costs.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Tribunals for other matters' are established under which article?

A. Article 323B

B. Article 329

C. Article 323A

D. Article 324

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Correct Answer: Option A

Explanation:
Tribunals for other matters are established under Article 323B.

This question belongs to: Economy GK Economy Set 1

Question #3

Non-Banking Financial Companies are regulated by:

A. IRDA

B. Ministry of Finance

C. Reserve Bank of India

D. SEBI

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Correct Answer: Option C

Explanation:
NBFCs are regulated by the Reserve Bank of India.

This question belongs to: Economy GK Economy Set 1

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