Business and Economics - General Knowledge Questions

1 .
Which one of the following will not have a direct impact on human capital formation?
A)
Education
B)
Training
C)
Medical care
D)
Irrigation

Correct Answer :   Irrigation

2 .
Which of the following is not a production tax?
A)
Stamp duties
B)
Registration fees
C)
Land revenue
D)
Import Duties

Correct Answer :   Import Duties

3 .
The new base year adopted by CSO for releasing GDP data is
A)
2009-10
B)
2010-11
C)
2011-12
D)
2014-15

Correct Answer :   2011-12

4 .
In which year did UNO adopt a definition of absolute poverty?
A)
1994
B)
1995
C)
1996
D)
1997

Correct Answer :   1995

5 .
Inflation is measured by which index in India?
A)
CPL (Consumer Price Index)
B)
WPI (Whole price Index)
C)
GDP (Gross Domestic Product)
D)
IIP (Index of Industrial Production)

Correct Answer :   CPL (Consumer Price Index)

6 .
The Indian Coins are minted at the four Indian Government Mints, which of the following is 'not' one of them?
A)
India Government Mint, Hyderabad (Telangana)
B)
India Government Mint, Kolkata (West Bengal)
C)
India Government Mint, Nasik (Maharashtra)
D)
India Government Mint, Mumbai (Maharashtra)

Correct Answer :   India Government Mint, Nasik (Maharashtra)

7 .
What is meant by price discrimination?
A)
Subsidization of a product by the Government to sell it at a lower price
B)
Increase in price of a commodity over time
C)
General decrease in price of a commodity over time
D)
A situation where the same product is sold to different consumers for different prices

Correct Answer :   A situation where the same product is sold to different consumers for different prices

8 .
A demand curve is a boundary concept because it shows
A)
The maximum quantity and the minimum price
B)
The minimum price and minimum quantity
C)
The maximum price and minimum quantity
D)
Both price and quantity is maximum

Correct Answer :   The maximum quantity and the minimum price

9 .
Under monopoly the supply curve is absent because
A)
There is no entry for others
B)
Equilibrium involves MC = MR and MC
C)
The monopolist always makes profit
D)
The monopolist controls the supply

Correct Answer :   Equilibrium involves MC = MR and MC

10 .
A perfectly competitive industry becomes a monopoly with the same cost conditions, it will now sell
A)
A larger output at the old price
B)
A larger output at a higher price
C)
A reduced output at a higher price
D)
An unchanged output at a higher price

Correct Answer :   A reduced output at a higher price

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