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

1 .

Bases of industrial region classification is

A)

Number of Registered units of industries

B)

Population engaged tertiary activities

C)

Number of industrial workers

D)

All of the above

Correct Answer : All of the above

2 .

What is the term used to explain the gap between total expenditure and total receipts, including both the capital and revenue expenditure and receipts ?

A)

Revenue deficit

B)

Fiscal deficit

C)

Budget deficit

D)

Primary deficit

Correct Answer : Budget deficit

3 .

At present, how many countries are the members of the International Monetary Fund (IMF) ?

A)

188

B)

189

C)

190

D)

191

Correct Answer : 189

4 .

The elasticity of substitution between two inputs in CES production function

A)

Remains constant

B)

Increases continuously

C)

Decreases continuously

D)

None of the above

Correct Answer : Remains constant

5 .

The Law of Dirninishing Returns is applied to all fields of production was stated by

A)

Walras

B)

David Ricardo

C)

A. C. Pigou

D)

Alfred Marshall

Correct Answer : Alfred Marshall

6 .

Under bilateral monopoly the price is higher if

A)

The monopsonist has his way

B)

The monopolist has his way

C)

The monopolist acts as a competitor

D)

The monopolist sells his own product in a monopoly market

Correct Answer : The monopolist has his way

7 .

The degree of monopoly power can be measured by the formula

A)

MR / (AR - MR)

B)

(AR -MR ) / MR

C)

(P - MC) / P

D)

AR / (AR - MR)

Correct Answer : (P - MC) / P

8 .

Law of diminishing marginal utility states

A)

The additional benefit which a person derives from a given increase of his stock of a thing diminishes with every increase in stock that he has already

B)

Total utility diminishes with the consumption of every additional unit

C)

Utility always diminishes whether something is consumed or not

D)

Utility first increases and after that diminishes at every point

Correct Answer : The additional benefit which a person derives from a given increase of his stock of a thing diminishes with every increase in stock that he has already

9 .

Which one of the following is not included in the working capital of a farm?

A)

Seed

B)

Fertilizer

C)

Irrigation water

D)

Land revenue

Correct Answer : Land revenue

10 .

Those entities whose failure can threaten the survival of other institutions which in turn can possibly lead to a financial crisis are known as

A)

Systemically Meaningful Financial Institutions

B)

Systemically Financial Important Institutions

C)

Systemically volatile Financial Institutions

D)

Systemically Capricious Financial Institutions

Correct Answer : Systemically Financial Important Institutions