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

1 .

What do you mean by Demographic Dividend?

A)

A rise in the rate of economic growth due to a higher share of working age people in a population

B)

A rise in the rate of literacy due to development of educational institution in different parts of the country

C)

A rise in the standard of living of the people due to the growth of alternative livelihood practices

D)

A rise in the gross employment ratio of a country due to government policies

Correct Answer : Option (A) - A rise in the rate of economic growth due to a higher share of working age people in a population

2 .

The total sum of the goods and services produced in a country in a year minus depreciation is called

A)

Gross Domestic Product

B)

Gross National Product

C)

Gross National Income

D)

Net Domestic Product

Correct Answer : Option (D) - Net Domestic Product

3 .

Under perfect competition, price of the product

A)

Can be controlled

B)

Cannot be controlled

C)

Can be controlled within certain limit

D)

None of the above

Correct Answer : Option (B) - Cannot be controlled

4 .

Which economist stated the positive impact of monopoly?

A)

Pigou

B)

Marshall

C)

Adam Smith

D)

Joseph Schumpeter

Correct Answer : Option (D) - Joseph Schumpeter

5 .

In the calculation of elasticity, there is error in case of

A)

Arc elasticity

B)

Point elasticity

C)

Both (a) and (b)

D)

None of the above

Correct Answer : Option (A) - Arc elasticity

6 .

Average revenue is calculated by

A)

P x Q

B)

TR / Q

C)

TR / MR

D)

TRn - TRn-1

Correct Answer : Option (B) - TR / Q

7 .

Price elasticity of demand provides

A)

Technical change in the value

B)

A technical change in the cost of product

C)

A technical change in the goodwill of the firm

D)

A measure of the responsiveness of the quantity demanded to changes in the price of the product, holding constant the values of all other variables in the demand function

Correct Answer : Option (D) - A measure of the responsiveness of the quantity demanded to changes in the price of the product, holding constant the values of all other variables in the demand function

8 .

Which organisation has constituted a working group on Social Stock Exchanges (SSE) under the chairmanship of Ishaat Hussain, Director, SBI Foundation?

A)

RBI

B)

SEBI

C)

IRDAI

D)

NABARD

Correct Answer : Option (B) - SEBI

9 .

Cyclical Unemployment is

A)

Unemployment that occurs during recessions and depressions

B)

Portion of unemployment that is due to the normal working of the labour market

C)

Unemployment that results when people become discouraged about their chances of finding a job so that they stop looking for work

D)

Portion of unemployment that is due to changes in the structure of the economy that results in a significant loss of jobs in certain industries

Correct Answer : Option (A) - Unemployment that occurs during recessions and depressions

10 .

Which Ministry of Government of India is related for India's Foreign Trade Policy?

A)

Ministry of Defence

B)

Ministry of External Affairs

C)

Ministry of Commerce and Industry

D)

Ministry of Home Affairs

Correct Answer : Option (C) - Ministry of Commerce and Industry