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

1 .

Oligopoly is a market situation where

A)

There are two or more monopolistic firms.

B)

There are few firms producing close substitutes.

C)

There are few firms producing complementary goods.

D)

There are few firms producing entirely different goods.

Correct Answer : There are few firms producing close substitutes.

2 .

Monopoly exploitation is reduced by regulation that

A)

restricts output

B)

enhances product-market competition

C)

increases the bargaining power of workers

D)

increases the bargaining power of employers

Correct Answer : enhances product-market competition

3 .

Which one of the following is a direct tax?

A)

Wealth tax

B)

Customs duty

C)

Excise duty

D)

Sales tax

Correct Answer : Wealth tax

4 .

Who among the following is the Chairman of the fourteenth finance commission

A)

Ajay Narayan Jha

B)

Urjit Patel

C)

Sushma Nath

D)

Y. V. Reddy

Correct Answer : Y. V. Reddy

5 .

Where is the headquarters of credit rating agency 'ICRA' ?

A)

Delhi

B)

Indore, Madhya Pradesh

C)

Gurugram, Haryana

D)

Hyderabad, Telangana

Correct Answer : Gurugram, Haryana

6 .

Which of the following units is known as 'Paper Gold' ?

A)

Ero Dollars

B)

Special Drawing Rights

C)

Global Depository Receipts

D)

Petro Dollars

Correct Answer : Special Drawing Rights

7 .

When did the rupee become a freely convertible currency in the current account of India ?

A)

1994

B)

1999

C)

2002

D)

2005

Correct Answer : 1994

8 .

According to the law of diminishing marginal utility, as the amount of a good consumed increases, the marginal utility of that good tends to

A)

improve

B)

diminish

C)

remain constant

D)

first diminish and then

Correct Answer : diminish

9 .

Which of the following economies accrue all the firm in an industry?

A)

Labour Economies

B)

Marketing Economies

C)

Managerial Economies

D)

Economies of Concentration

Correct Answer : Economies of Concentration

10 .

Decrease or fall in the price of commodity leads to increase in demand because of

A)

Income effect i.e. Consumer becomes better off

B)

Substitution effect i.e. Relatively cheaper than related goods

C)

Both (a) and (b)

D)

None of the above

Correct Answer : Both (a) and (b)