Business and Economics - General Knowledge Questions

1 .
In Imperfect competition total revenue rises at _______ upto an output level and then ______
A)
An increasing rate, rises
B)
An increasing rate, falls
C)
A decreasing rate, rises
D)
A decreasing rate, falls

Correct Answer :   A decreasing rate, falls

2 .
A perfectly competitive market in the short run will be in equilibrium where
A)
MC = Zero
B)
MC = AC
C)
MC = MR
D)
None of the above

Correct Answer :   MC = Zero

3 .
Select the one which is not the responsibility of Gram Sabha under the Rural Employment Guarantee Act, 2005
A)
To recommend projects to the Gram Panchayat and prepare list of possible works
B)
To receive applications for work and issue a dated receipt
C)
To monitor the execution of works within the Gram Panchayat
D)
To conduct regular social audits of all the projects taken up with in the Gram Panchayat

Correct Answer :   To receive applications for work and issue a dated receipt

4 .
Which of the following statements is correct about Micro, Small and Medium Enterprises sector of Indian economy?
A)
There are an estimated 2.6 crore MSMEs in the country as on March 2019
B)
MSME sector provides employment to six crore persons
C)
MSMEs sector contributes 45 per cent to the manufacturing sector's output and 40 per cent to the nation's exports
D)
All of the above

Correct Answer :   All of the above

5 .
Fiscal Performance Index has been developed and released by
A)
Fourteenth Finance Commission
B)
Confederation of Indian Industry
C)
International Bank for Reconstruction and development
D)
Reserve Bank of India

Correct Answer :   Confederation of Indian Industry

6 .
Which of the following is not an instrument of fiscal policy?
A)
Primary deficit
B)
Management of Public Debt
C)
Tax structure
D)
Statutory Liquidity Ratio

Correct Answer :   Statutory Liquidity Ratio

7 .
What kind of tax is G.S.T.?
A)
Indirect Tax
B)
Direct Tax
C)
Depends on the type of goods and services
D)
None of the above

Correct Answer :   Indirect Tax

8 .
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

9 .
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

10 .
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

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