Latest Business and Economics General Knowledge(GK) Questions and answers

1 .

Demand curve was drawn with empirical evidence by

A)

Indifference curve

B)

Revealed preference

C)

Utility

D)

None of the above

Correct Answer : Revealed preference

2 .

Which one of the following is not a common property of an indifference curve

A)

Convex to the origin

B)

Downward sloping

C)

Two indifference curves can intersect each other

D)

None of the above

Correct Answer : Two indifference curves can intersect each other

3 .

Cobb-Douglas production function in its initial form has the following properties

A)

Elasticity of substitution as constant and unity

B)

Elasticity of substitution as unity

C)

Constant return to scale

D)

Power function

Correct Answer : Elasticity of substitution as constant and unity

4 .

When the demand of a commodity also depends upon prices of the substitutes & complementaries or relative prices then it is called

A)

Price-demand

B)

Cross-Demand

C)

Income-Demand

D)

None of the above

Correct Answer : Cross-Demand

5 .

When quantity demanded changes due to factors other than price, it is called

A)

increase in demand

B)

decrease in demand

C)

both (a) and (b)

D)

None of the above

Correct Answer : both (a) and (b)

6 .

In case of utility theory, as income increases, marginal utility of money

A)

Remains constant

B)

Increases

C)

Decreases

D)

None of the above

Correct Answer : Remains constant

7 .

The perfect competition is characterised by

A)

seller as price taker

B)

presence of many firms

C)

firms selling identical products

D)

all of these

Correct Answer : all of these

8 .

Revised statutory framework for monetary policy is effective from

A)

August 5, 2015

B)

August 5, 2016

C)

April 1, 2017

D)

April 1, 2018

Correct Answer : August 5, 2016

9 .

In the abbreviation IGST, the letter 'I' stands for what ?

A)

Integrated

B)

Interim

C)

Interest

D)

India

Correct Answer : Integrated

10 .

Which among the following was not the profit making central public sector enterprise during 2017-18 ?

A)

ONGC

B)

NTPC

C)

IOC

D)

BSNL

Correct Answer : BSNL