Business and Economics - General Knowledge Questions

1 .
Which of the following is the main function of National Development Council in India?
A)
To activate the means and efforts of states for implementation of the planning
B)
To develop the general policies in all the important areas
C)
To confirm the balanced development in all the areas of the country
D)
All of these

Correct Answer :   All of these

2 .
In the context of Indian economy, Open Market Operations refers to
A)
Borrowing by scheduled banks from the RBI
B)
Lending by commercial banks to industry and trade
C)
Purchase and sale of government securities by the RBI
D)
None of the above

Correct Answer :   Purchase and sale of government securities by the RBI

The repo and reverse repo rates are used when RBI purchases or sells the government securities. This route is known as Open Market Operations.

3 .
In which of the following the termic cap and trade used?
A)
Share Broking
B)
Commodity Futures
C)
Mutual Fund Investments
D)
Emission Trading

Correct Answer :   Emission Trading

Emissions trading (aka. cap and trade) refers to the market-based approach to control pollution by providing economic incentives for reducing the emissions of pollutants.

4 .
The working of the price mechanism in a free-market economy refers to which one of the following?
A)
The interplay of the forces of demand and supply
B)
Determination of the inflation rate in the economy
C)
Determination of the economy's propensity to consume
D)
Determination of the economy's full employment output

Correct Answer :   The interplay of the forces of demand and supply

5 .
In an economy, if the share of its primary sector is 50% or more in the total output of the economy it is called as
A)
Industrial economy
B)
service economy
C)
Agrarian economy
D)
Command economy

Correct Answer :   Agrarian economy

6 .
If the demand curve confronting an individual firm is perfectly elastic, then firm is
A)
Adjust price
B)
Price taker
C)
Adjust output
D)
All of the above

Correct Answer :   Price taker

7 .
In the case of monopolistic competition
A)
The short run supply curve cannot be defined
B)
AR curve cannot be defined
C)
MR curve cannot be defined
D)
None of the above

Correct Answer :   The short run supply curve cannot be defined

8 .
How many sellers are present in duopoly?
A)
1
B)
2
C)
3
D)
No Limit

Correct Answer :   2

9 .
Cross elasticity of demand between two perfect substitutes will be
A)
zero
B)
low
C)
high
D)
infinity

Correct Answer :   infinity

10 .
Demand curve is related to
A)
MU curve
B)
Marginal revenue
C)
Both (a) and (b)
D)
None of the above

Correct Answer :   Both (a) and (b)

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