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

1 .

Methodology of estimation of national income in India changed from the year

A)

2012-13

B)

2013-14

C)

2014-15

D)

2015-16

Correct Answer : 2014-15

2 .

The Union Government has constituted a committee to form a strategy to expedite the process of transforming India into a cashless economy. The name of the committee is

A)

Shah Committee

B)

Amitabh Kant Committee

C)

Tarapore Committee

D)

Bimal Julka Committee

Correct Answer : Amitabh Kant Committee

3 .

GDP is

A)

nation's total economic activity

B)

value of all finished goods produced in one year by its nationals

C)

value of goods and services produced in an area, industry or sector of an economy

D)

capital that has been consumed over the year in the form of housing, vehicle or machinery deterioration

Correct Answer : value of goods and services produced in an area, industry or sector of an economy

4 .

A closed economy is an economy in which

A)

the money supply is fully controlled

B)

deficit financing takes place

C)

only exports take place

D)

neither exports nor imports take place

Correct Answer : neither exports nor imports take place

5 .

If price of any commodity decreased by 20% and the demand for that commodity increased by 40%, then elasticity of demand would be

A)

Unit elastic

B)

Highly elastic

C)

Perfectly elastic

D)

Perfectly inelastic

Correct Answer : Highly elastic

6 .

What is the 'fundamental promise of Economics',

A)

Natural resources will always be scarce

B)

No matter what the circumstance individual choice always involve a trade off

C)

Individuals choose the alternative for which they believed the net gains to be the greatest

D)

Individuals are capable of establishing goals and acting in a manner consistent and achievement of those goals

Correct Answer : Individuals choose the alternative for which they believed the net gains to be the greatest

7 .

Which of the following concepts is considered as a myth

A)

Oligopoly

B)

Monopoly

C)

Perfect competition

D)

Imperfect competition

Correct Answer : Perfect competition

8 .

Which of the following is correct Statement

A)

A firm is price-taker under perfect competition

B)

The short-run supply curve has a negative slope

C)

Under perfect competition a firm determine its price where AR = MR

D)

In perfect competitive industry a firm is in equilibrium in the short run only when its AC = AR = MR = MC

Correct Answer : A firm is price-taker under perfect competition

9 .

Special Economic Zones are being set up in

A)

Agra, Kanpur and Modinagar

B)

Agra, Kanpur and Greater Noida

C)

Meerut, Moradabad, Kanpur and Noida

D)

Moradabad, Kanpur, Noida and Greater Noida

Correct Answer : Agra, Kanpur and Greater Noida

10 .

The Employees State Insurance Act is applicable to all those factories which employ

A)

5 or more employees

B)

10 or more employees

C)

15 or more employees

D)

20 or more employees

Correct Answer : 10 or more employees