Business and Economics - General Knowledge Questions

1 .
The firm under perfect competition will be in short-run equilibrium when
A)
Average revenue is equal to average cost
B)
Marginal revenue is equal to rising marginal cost
C)
Marginal revenue is equal to the falling marginal cost
D)
Rising marginal cost is equal to the minimum average cost

Correct Answer :   Marginal revenue is equal to rising marginal cost

2 .
RBI does not transact the business of which State Government?
A)
Nagaland
B)
Punjab
C)
Jammu and Kashmir
D)
Assam

Correct Answer :   Jammu and Kashmir

3 .
Huable is a
A)
Line of Credit
B)
Emoji depicting bill payment
C)
Emoji depicting bill payment
D)
Holographic debit card

Correct Answer :   Line of Credit

4 .
Which five year plan of India adopted the Prof. Mahalnobis model ?
A)
First Plan
B)
Second Plan
C)
Third Plan
D)
Fourth Plan

Correct Answer :   Second Plan

5 .
The largest component of India's services surplus is
A)
Health and Tertiary medical care
B)
Travel and tourism
C)
Entertainment
D)
Information Technology Industry

Correct Answer :   Information Technology Industry

6 .
The collective demand of all persons in the market is referred as
A)
Market Demand Schedule
B)
Demand curve
C)
Both (a) and (b)
D)
None of the above

Correct Answer :   Market Demand Schedule

7 .
Two conditions are required to be there for the equilibrium under monopoly. These are
A)
MC = AR and MC cuts the MR from below
B)
MC = MR and MR cuts the MC from below
C)
MR = MC and MC cuts the MR from below
D)
MR = MC and MC cuts the MR from above

Correct Answer :   MR = MC and MC cuts the MR from below

8 .
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.

9 .
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

10 .
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

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