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

1 .

The Minimum Alternative Tax (MAT) was introduced in the Budget of the Government of India for the year

A)

1991-92

B)

1992-93

C)

1995-96

D)

1996-97

Correct Answer : 1996-97

2 .

The base year for computation of National Income in India is

A)

1990 - 91

B)

1993 - 94

C)

1999 - 2000

D)

2000 - 01

Correct Answer : 1993 - 94

3 .

In India, planned economy is based on

A)

Gandhian System

B)

Gandhian System

C)

Socialist System

D)

Mixed Economy System

Correct Answer : Socialist System

4 .

Which plan gave emphasis on removal of poverty for the first time

A)

Fourth

B)

Fifth

C)

Sixth

D)

Seventh

Correct Answer : Fifth

5 .

In India, Agriculture income is calculated by

A)

Output method

B)

Input method

C)

Expenditure method

D)

Commodity flow method

Correct Answer : Output method

6 .

Study of demand over two periods is called

A)

Static

B)

Dynamic

C)

Comparative static

D)

None of the above

Correct Answer : Comparative static

7 .

Which type of competition leads to exploitation of consumer?

A)

Oligopoly

B)

Monopoly

C)

Monopolistic competition

D)

All of the above

Correct Answer : All of the above

8 .

Income elasticity is computed by

A)

ei = (Y2 - Y1 ) / e1

B)

ei = (Y1 - Y2 ) / P1

C)

ei = (Q2 - Q1 ) / P1 â€‹

D)

ei = ( (Q2 - Q1 ) / Q1 â€‹) / ( (Y2 - Y1 ) / Y1 â€‹)

Correct Answer : ei = ( (Q2 - Q1 ) / Q1 â€‹) / ( (Y2 - Y1 ) / Y1 â€‹)

9 .

Elasticity of demand measures the

A)

Volume of product

B)

Volume of product

C)

Sensitivity of production to changes in a particular cost

D)

Sensitivity of sales to changes in a particular causal factor

Correct Answer : Sensitivity of sales to changes in a particular causal factor

10 .

A situation in which the number of competing firms is relatively small is known as

A)

Monopoly

B)

Oligopoly

C)

Monopsony

D)

Perfect competition

Correct Answer : Oligopoly