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

1 .

A market in which only two firms exist is

A)

Duopoly

B)

Oligopoly

C)

Duopsony

D)

Oligopsony

Correct Answer : Duopoly

2 .

In the case of an inferior good, the income effect

A)

Is equal to the substitution effect

B)

Partially offsets the substitution effect

C)

Reinforces the substitution effect

D)

More than offsets the substitution effect

Correct Answer : Partially offsets the substitution effect

3 .

Law of diminishing marginal rate of substitution is associated with

A)

Hicks

B)

Keynes

C)

Slutsky

D)

Marshall

Correct Answer : Hicks

4 .

Demand is a function of

A)

Firm

B)

Cost

C)

Price

D)

Product

Correct Answer : Price

5 .

The labour force can be defined as

A)

Anyone who is working or actively seeking work

B)

The population between school-leaving age and retirement age

C)

Those who could claim benefit if they were to become unemployed

D)

Those of workers who are seeking work and are available for work at current wage rate

Correct Answer : Those of workers who are seeking work and are available for work at current wage rate

6 .

Who has propounded the concept of Limit to Growth?

A)

Brundtland Commission

B)

Agenda 21

C)

UNESCO

D)

Club of Rome

Correct Answer : Club of Rome

7 .

Which of the following taxes is also known as Google Tax?

A)

Equalisation Levy

B)

Capital Levy

C)

Estate Duty

D)

Gift Tax

Correct Answer : Equalisation Levy

The equalisation levy, also known as 'Google tax'. It is levyed on non-resident e-commerce companies.

8 .

The economic cost of food grains to the Food Corporation of India is Minimum Support Price and bonus (if any) paid to the farmers plus

A)

procurement incidentals and charges for go downs

B)

procurement incidentals and distribution cost

C)

transportation cost only

D)

interest cost only

Correct Answer : procurement incidentals and distribution cost

The economic cost comprises the procurement price of food rains, costs related to procurement (such as statutory taxes, labor costs, mandi fees, and so on) and costs of distribution (including freight, storage and administration).

9 .

The terms 'Marginal Standing Facility (MSF) Rate' and 'Net Demand and Time Libilities', sometimes appearing in news, are used in relation to

A)

supply and demand of agricultural products

B)

communications networking

C)

banking operations

D)

military strategies

Correct Answer : banking operations

MSF came into effect from 9th May, 2011. MSF scheme is provided by RBI by which the banks can borrow overnight upto 1 per cent of their net demand and time liabilities (NDTL) i.e., 1 per cent of the aggregate deposits and other liabilities of the banks.

10 .

A persistent fall in the general price level of goods and services is known as

A)

Deflation

B)

Depression

C)

Disinflation

D)

Stagflation

Correct Answer : Deflation