Business and Economics - General Knowledge Questions

1 .
Who had estimate National Income in India first
A)
R.C. Dutt
B)
Dadabhai Naoroji
C)
D.R.Gadgil
D)
V.K.R.V.Rao

Correct Answer :   Dadabhai Naoroji

2 .
Marginal cost curve cuts the average cost curve from below at
A)
its lowest point
B)
the left of the lowest point
C)
the right of the lowest point
D)
all of the above

Correct Answer :   its lowest point

3 .
Selling costs have to be incurred in case of
A)
Perfect competition
B)
Imperfect competition
C)
Monopolistic competition
D)
None of the above

Correct Answer :   Monopolistic competition

4 .
Other things remaining the same, when a consumer's income increases, his equilibrium point moves to
A)
A lower indifference curve
B)
A higher indifference curve
C)
Remains unchanged on the same indifference curve
D)
Remains unchanged on the same indifference curve

Correct Answer :   Remains unchanged on the same indifference curve

5 .
A situation where there is only one buyer is called
A)
Perfect competition
B)
Monopsony
C)
Monopoly
D)
Oligopoly

Correct Answer :   Monopsony

6 .
Imperfect competition was introduced by
A)
Chamberlin
B)
Marshall
C)
Keynes
D)
None of the above

Correct Answer :   Chamberlin

7 .
MDR is a free charged from a merchant by a bank for accepting payments from customers through credit and debit cards in their establishments. MDR stands for
A)
Merchant Discount Ratio
B)
Merchant Discount Rate
C)
Merchant Discount Rating
D)
Merchant Development Rate

Correct Answer :   Merchant Discount Rate

8 .
Which of the following is a Nodal Institution for implementation of Sustainable Development Goals in India?
A)
Planning Commission
B)
Disinvestment Commission
C)
NITI Aayog
D)
Finance Commission

Correct Answer :   NITI Aayog

9 .
The Global Livability Index has been released by
A)
Economist Intelligence Unit (EIU)
B)
World Health Organization (WHO)
C)
World Economic Forum (WEF)
D)
International Monetary Fund (IMF)

Correct Answer :   Economist Intelligence Unit (EIU)

10 .
If a commodity is provided free to the public by the Government, then
A)
the opportunity cost is zero
B)
the opportunity cost is ignored
C)
the opportunity cost is transferred from the consumers of the product to the tax-paying public
D)
the opportunity cost is transferred from the consumers of the product to the Government

Correct Answer :   the opportunity cost is transferred from the consumers of the product to the tax-paying public

Opportunity cost is the cost of choosing one alternative over another and missing the benefit offered by the forgone opportunity, investing or otherwise.

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