Business and Economics - General Knowledge Questions

1 .
India gets the largest share of its G.D.P. from which of the following sectors?
A)
Agriculture Sector
B)
Industry Sector
C)
Service Sector
D)
None of the above

Correct Answer :   Service Sector

2 .
Composition Scheme under GST is applicable to businesses with a turnover up to
A)
Rs. 1.0 crore
B)
Rs. 1.5 crore
C)
Rs. 2.0 crore
D)
Rs. 2.5 crore

Correct Answer :   Rs. 1.5 crore

3 .
Which one of the following is an example of a price floor?
A)
Minimum Support Price (MSP) for Jowar in India
B)
Subsidy given to farmers to buy fertilizers
C)
Price paid by people to buy goods from ration shops
D)
Maximum Retail Price (MRP) printed on the covers/ packets of goods sold in India

Correct Answer :   Minimum Support Price (MSP) for Jowar in India

4 .
Husband and wife jointly borrowed a home loan in the ratio of 50 : 50. Wife enjoys full ownership of the house. Each can avail income tax rebate in the ratio of
A)
Ownership
B)
Borrowing
C)
Any one, at the borrower's discretion
D)
The respective assessee's income

Correct Answer :   Borrowing

5 .
In India, which of the following have the highest share in the disbursement of credit to agriculture and allied activities?
A)
Micro finance Institutions
B)
Regional Rural Banks
C)
Cooperative Banks
D)
Commercial Banks

Correct Answer :   Commercial Banks

6 .
...........occurs when people are willing to work, but the people searching for work are not qualified for the job.
A)
Frictional Unemployment
B)
Budding Unemployment
C)
Structural Unemployment
D)
Static Unemployment

Correct Answer :   Structural Unemployment

7 .
Operation Twist is related to
A)
Military Exercise
B)
A Monetary policy tool
C)
A move in hockey match
D)
An exercise to fight insurgency

Correct Answer :   A Monetary policy tool

8 .
National Income may be determined through?
A)
Income Approach
B)
Productive Approach
C)
Expenditure Approach
D)
All of the above

Correct Answer :   All of the above

9 .
The theory of Revealed preference was propounded by
A)
J. R. Hicki
B)
P.F. Drucker
C)
A. Marshall
D)
Paul Samuelson

Correct Answer :   Paul Samuelson

10 .
If a commodity is used for multiple purposes then the demand for it is known as
A)
Composite Demand
B)
Joint Demand
C)
Autonomous Demand
D)
Direct Demand

Correct Answer :   Composite Demand

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