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

Business and Economics - General Knowledge Questions

1 .

The equilibrium level of output for the pure monopolist is where

A)

P < AC

B)

MR = MC

C)

MR < MC

D)

MR > MC

Correct Answer : MR = MC

2 .

A monopoly producer usually earns

A)

Only normal profits

B)

Abnormal profits

C)

Neither profits nor losses

D)

Profits and losses which are uncertain

Correct Answer : Abnormal profits

3 .

Under monopoly and imperfect competition, MC is

A)

Less than the price

B)

More than the price

C)

Equal to the price

D)

Any of the above

Correct Answer : Less than the price

4 .

The concept of supply curve as used in economic theory is relevant only for the case of

A)

Oligopoly

B)

Monopoly

C)

Monopolistic competition

D)

Perfect or pure competition

Correct Answer : Perfect or pure competition

5 .

A monopolist will fix the equilibrium output of his product where the elasticity of his AR curve is

A)

Zero

B)

Less than one but more than zero

C)

Greater than or equal to one

D)

Equal to or less than one

Correct Answer : Less than one but more than zero

6 .

The FRBM Act prescribes that the Debt to GDP ratio of the Government of India should be brought down to 40% by

A)

2020-21

B)

2021-22

C)

2022-23

D)

2024-25

Correct Answer : 2024-25

7 .

Which of the following schemes has a close relationship with the income declaration?

A)

Gold Bond Scheme

B)

Mudra yojana

C)

India Millennium Bonds

D)

Pradhan Mantri Gareeb Kalyan yojana

Correct Answer : Pradhan Mantri Gareeb Kalyan yojana

8 .

An act by which the policy holders authorizes another person to receive the policy money is known as

A)

Nomination

B)

Assignment

C)

Negotiation

D)

Hypothecation

Correct Answer : Nomination

9 .

The mint ratio refers to the amount of ....... to buy an ounce of

A)

Platinum, Gold

B)

Gold, Platinum

C)

Silver, Gold

D)

Gold, Silver

Correct Answer : Silver, Gold

10 .

Which is not a part of communication process ?

A)

Medium

B)

Transmission

C)

Life values and vision

D)

Information

Correct Answer : Life values and vision