Business and Economics - General Knowledge Questions

1 .
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

2 .
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

3 .
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

4 .
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

5 .
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

6 .
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

7 .
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)

8 .
Consumer reaches a saturation point for a product when MU is
A)
Zero
B)
Positive
C)
Negative
D)
None of the above

Correct Answer :   Zero

9 .
Which of the following statement is true
A)
In inferior goods, the income and substitution effects are positive
B)
In interior goods, the income and substitution effects are negative
C)
In case of inferior good, the income effect is negative, although the substitution effect is positive
D)
In case of inferior goods, the income effect is positive although the substitution effect is negative

Correct Answer :   In case of inferior good, the income effect is negative, although the substitution effect is positive

10 .
Imperfect competition arises when
A)
There are unexplainable imperfections in the market
B)
Product variation, ignorance of consumers and distance and transport costs lead to imperfections in the competitive market which operates on certain assumptions
C)
There is imperfect rivalry among competitors
D)
Competition does not exist

Correct Answer :   Product variation, ignorance of consumers and distance and transport costs lead to imperfections in the competitive market which operates on certain assumptions

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