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

1 .

A monopoly producer has

A)

Control over production but not price

B)

Control over production as well as price

C)

Control neither on production nor on price

D)

Control over production, price and consumers

Correct Answer : Control over production as well as price

2 .

When a monopolist is in

A)

Long-run equilibrium, he will also be in short-run equilibrium

B)

Short-run equilibrium, he will also be in long-run equilibrium

C)

Long-run equilibrium, he mayor may not be in short-run equilibrium

D)

None of the above

Correct Answer : Long-run equilibrium, he will also be in short-run equilibrium

3 .

In imperfect competition marginal revenue falls at __________ than the fall in average revenue.

A)

Same rate

B)

Half the rate

C)

Twice the rate

D)

None of the above

Correct Answer : Twice the rate

4 .

Under perfect competition a firm can produce with

A)

Maximum profit

B)

An optimum plant

C)

An optimum output

D)

Identical products at low cost

Correct Answer : An optimum plant

5 .

If a monopolist is producing under decreasing cost conditions, increase in demand is beneficial to the society because

A)

Consumers get better quality goods

B)

Goods will be sold in many markets

C)

Cost of production falls and hence price

D)

None of the above

Correct Answer : Cost of production falls and hence price

6 .

Invisible export means export of

A)

Services

B)

Prohibited goods

C)

Unrecorded goods

D)

Goods through smuggling

Correct Answer : Services

7 .

Which one of the following canons of taxation was not advocated by Adam Smith?

A)

Canon of equality

B)

Canon of certainty

C)

Canon of convenience

D)

Canon of fiscal adequacy

Correct Answer : Canon of fiscal adequacy

8 .

Corporate Average Fuel Efficiency/ Economy Regulations in India came into force from

A)

April 1, 2016

B)

April 1, 2017

C)

April 1, 2018

D)

April 1, 2019

Correct Answer : April 1, 2017

9 .

The Global Competitiveness Report is published by the

A)

World Bank

B)

International Monetary Fund

C)

World Economic Forum

D)

United Nations Conference on Trade and Development

Correct Answer : World Economic Forum

10 .

Uruguary round pertains to

A)

GATT

B)

WTO

C)

IMF

D)

World Bank

Correct Answer : WTO