Business and Economics - General Knowledge Questions

1 .

Which economist stated the positive impact of monopoly?

Pigou

Marshall

Adam Smith

Joseph Schumpeter

Correct Answer : Joseph Schumpeter

2 .

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

Arc elasticity

Point elasticity

Both (a) and (b)

None of the above

Correct Answer : Arc elasticity

3 .

Average revenue is calculated by

P x Q

TR / Q

TR / MR

TRn - TRn-1

Correct Answer : TR / Q

4 .

Price elasticity of demand provides

Technical change in the value

A technical change in the cost of product

A technical change in the goodwill of the firm

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 : 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

5 .

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

RBI

SEBI

IRDAI

NABARD

Correct Answer : SEBI

6 .

Cyclical Unemployment is

Unemployment that occurs during recessions and depressions

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

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

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 : Unemployment that occurs during recessions and depressions

7 .

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

Ministry of Defence

Ministry of External Affairs

Ministry of Commerce and Industry

Ministry of Home Affairs

Correct Answer : Ministry of Commerce and Industry

8 .

Which of the following tax is not included in Goods and Services Tax (GST)?

Excise Duty

Custom Duty

Value Added Tax

Service Tax

Correct Answer : Custom Duty

9 .

All revenues received by the Union Government by way of taxes and other receipts for the conduct of Government business are credited to the

Public Account

Contingency Fund of India

Consolidated Fund of India

Deposits and Advances Fund

Correct Answer : Consolidated Fund of India

The Consolidated Fund of India includes revenues, which are received by the government through taxes and expenses incurred in the form of borrowings and loans.

10 .

"Gold Tranche" (Reserve Tranche) refers to

a loan system of the World Bank

one of the operations of a Central Bank

a credit system granted by WTO to its members

a credit system granted by IMF to its members

Correct Answer : a credit system granted by IMF to its members

The reserve tranche is basically an emergency account that IMF members can access at any time without agreeing to conditions or paying a service fee. In other words, a portion of a member country's quota can be withdrawn free of charge at its own discretion.