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

1 .

The specific cause of a possible loss covered by an insurance policy is known as

A)

Threat

B)

Hazard

C)

Danger

D)

Exposure

Correct Answer : Option (D) - Exposure

2 .

SEBI Act was passed in

A)

1956

B)

1962

C)

1992

D)

2013

Correct Answer : Option (C) - 1992

3 .

Which of the following was established in 1928 as the first printing press for bank notes in India?

A)

Indian Security Press (ISP), Nasik

B)

Currency Notes Press (CNP), Nasik

C)

Bank Notes Press (BNP), Dewas

D)

Bharatiya Reserve Bank Notes Mudran Private Limited (BRBNMPL), Salboni

Correct Answer : Option (A) - Indian Security Press (ISP), Nasik

4 .

Operation Clean Money is started by

A)

Central Board of Direct Taxes

B)

Income Tax Department

C)

Ministry of Finance

D)

NITI Ayog

Correct Answer : Option (B) - Income Tax Department

5 .

Laws of increasing and constant returns are temporary phase of

A)

Law of proportionality

B)

Law of Diminishing Utility

C)

Law of variable proportion

D)

Law of Diminishing Return

Correct Answer : Option (C) - Law of variable proportion

6 .

Under kinked demand model, the demand curve for the firm's product is drawn on the assumption that

A)

All rivals follow the oligopolist upto certain price but beyond that they do not

B)

All rivals charge a price independent of the price charged by the oligopolist

C)

All rivals charge the same price which is charged by the oligopolist

D)

All oligopolist charges the price as independent sellers

Correct Answer : Option (A) - All rivals follow the oligopolist upto certain price but beyond that they do not

7 .

Opportunity cost means

A)

Cost of the Last unit

B)

Cost of all units produced

C)

Cost of next best alternative

D)

Cost of a Homogeneous product

Correct Answer : Option (C) - Cost of next best alternative

8 .

Which of the following does not influence the individual demand for a product

A)

price of product

B)

price of close substitute

C)

change in climatic conditions

D)

change in climatic conditions

Correct Answer : Option (D) - change in climatic conditions

9 .

The % change in demand for a product A divided by the % change in price of product B indicates the degree of

A)

Price Elasticity of Demand

B)

Cross Elasticity of Demand

C)

Ionic Elasticity of Demand

D)

Advertising Elasticity of Demand

Correct Answer : Option (B) - Cross Elasticity of Demand

10 .

The World Trade Organisation (WTO) was earlier known as

A)

GATT

B)

UNICEF

C)

UNCTAD

D)

FAO

Correct Answer : Option (A) - GATT