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

1 .

In simple words which of the following measures is termed as the National Income of a country?

A)

Net National Product at Factor Cost (NNP at FC)

B)

Net National Product at Market Price (NNP at MP)

C)

Gross National Income at Factor Cost (GNI at FC)

D)

Net Domestic Product at Market Price (NDP at MP)

Correct Answer : Net National Product at Factor Cost (NNP at FC)

2 .

The Shanghai Cooperation Organization summit in which India was inducted as a full member was held at

A)

Dushanbe

B)

Ufa

C)

Astana

D)

Tashkent

Correct Answer : Astana

3 .

When the rate of inflation increases

A)

purchasing power of money increases

B)

purchasing power of money decreases

C)

value of money increases

D)

value of money decreases

Correct Answer : purchasing power of money decreases

4 .

Which one of the following countries is the largest Trading partner of India?

A)

USA

B)

UK

C)

France

D)

China

Correct Answer : China

5 .

The Ngultrum is the currency of

A)

Republic of Bhutan

B)

Kingdom of Thailand

C)

Republic of Nepal

D)

Malaysia

Correct Answer : Republic of Bhutan

6 .

Under the perfect competition, the transportation cost

A)

Excluded from the prime cost

B)

Is considered to be negligible and thus, ignored

C)

Is charged along with the price of the commodity

D)

Is considered to be vital for the calculation of total cost

Correct Answer : Is considered to be negligible and thus, ignored

7 .

The kinked demand curve theory explains that even when the demand conditions ........... the price ............

A)

Change, changes

B)

Remain stable, rise

C)

Remain stable, change

D)

Change, remains stable

Correct Answer : Change, remains stable

8 .

Which of the following is true in a perfectly competitive market?

A)

Marginal revenue is constant at all levels of output

B)

Average revenue is constant at all levels of output

C)

Total revenue rises continuously at a constant rate

D)

All of the above

Correct Answer : All of the above

9 .

Monopolistic competition constitutes

A)

Many firms producing close substitutes

B)

Single firm producing close substitutes

C)

Many firms producing differentiated product

D)

None of the above

Correct Answer : Many firms producing differentiated product

10 .

In perfectly competitive market

A)

Firm is the price giver and the industry the price-taker

B)

Firm is the price-taker and industry the price maker

C)

Both are the price-takers

D)

None of the above

Correct Answer : Firm is the price-taker and industry the price maker