Business and Economics - General Knowledge Questions

1 .

Which is the uniform GST rate that has been fixed up for lottery prizes by the GST Council?

A)

18%

B)

32%

C)

28%

D)

10%

Correct Answer : 28%

2 .

Who among the following has given the concept of Human Development?

A)

Amartya Sen

B)

Mahbub-ul-Haq

C)

Sukhamoy Chakravarty

D)

G.S. Chaddha

Correct Answer : Mahbub-ul-Haq

3 .

Gini Coefficient or Gini Ratio can be associated with which one of the following measurements in an economy?

A)

Rate of inflation

B)

Poverty index

C)

Income inequality

D)

Personal income

Correct Answer : Income inequality

4 .

In India national, National Income is calculated by the method which is known as

A)

the product method

B)

the expenditure method

C)

the combined method

D)

the income method

Correct Answer : the combined method

5 .

The minimum forest cover to maintain ecological balance in the plains is

A)

25%

B)

33%

C)

40%

D)

50%

Correct Answer : 33%

6 .

In case of monopoly, a firm in the long run can have

A)

Loss

B)

Profit

C)

Break even

D)

All of these

Correct Answer : All of these

7 .

Price elasticity is computed by

A)

ep = (((Q2- Q1) / Q1 ) / P1) X 100

B)

ep = ((Q2- Q1) / Q1 ) / ((P2 - P1) / P1)

C)

ep = (((Q2- Q1) / Q1 ) / Product) X 100

D)

ep =( (P1 - P2) / Q1 ) X ((P1+P2) / Q2)

Correct Answer : ep = ((Q2- Q1) / Q1 ) / ((P2 - P1) / P1)

8 .

The equilibrium is unstable and indeterminate under

A)

Edgeworth model

B)

Pareto Model

C)

Sweezy Model

D)

Cournot Model

Correct Answer : Edgeworth model

9 .

Factors responsible for creating conditions for emergence and growth of monopoly are

A)

Patents

B)

Licensing

C)

Control over strategic raw materials

D)

All of the above

Correct Answer : All of the above

10 .

The term group equilibrium is related to

A)

Duopoly

B)

Oligopoly

C)

Monopolistic competition

D)

Perfect competition

Correct Answer : Monopolistic competition

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