General Knowledge(GK) (or) General Awareness

Welcome to the General Knowledge Section of Free Time Learning. As we are aware General Knowledge (GK) is a very important area in all the competitive exams held in the country. Nowadays, a good knowledge of general awareness is very important in clearing any competitive and government recruitment examinations.

These General Knowledge Question are very important and usefull to UPSC, IAS/PCS, UPPSC, IBPS, SBI, RBI, SSC, CGL, Railway, APPSC, TSPSC, KPSC, TNPSC, TPSC, UPPSC, MPSC, RPSC, BPSC, MPPSC, UKPSC, MPSC, and other competitive exams.

1 .
Positive income effect is greater than negative substitution effect in case of
A)
Normal goods
B)
Luxury goods
C)
Giffen goods
D)
Inferior goods

Correct Answer :   Giffen goods

Published On : May 22, 2021
2 .
For the relationship between AC and MC, which of the following statement is wrong?
A)
If AC Falls, MC will rise
B)
If AC rises, MC also rises
C)
Both AC & MC are calculated from TC
D)
For the minimum point of AC, average cost is equal to marginal cost

Correct Answer :   If AC Falls, MC will rise

Published On : May 22, 2021
3 .
The appropriate objective of an enterprise is
A)
Maximisation of profits
B)
Maximisation of sales
C)
Maximisation of owner's wealth
D)
None of the above

Correct Answer :   None of the above

Ans : Maximisation of business wealth (Wealth maximisation is the concept of increasing the value of the business in order to increase the value of the shares held by shareholders, therefore it is an objective of enterprise.)

Published On : May 22, 2021
4 .
Demand curve was drawn with empirical evidence by
A)
Indifference curve
B)
Revealed preference
C)
Utility
D)
None of the above

Correct Answer :   Revealed preference

Published On : May 22, 2021
5 .
Which one of the following is not a common property of an indifference curve
A)
Convex to the origin
B)
Downward sloping
C)
Two indifference curves can intersect each other
D)
None of the above

Correct Answer :   Two indifference curves can intersect each other

Published On : May 22, 2021
6 .
Cobb-Douglas production function in its initial form has the following properties
A)
Elasticity of substitution as constant and unity
B)
Elasticity of substitution as unity
C)
Constant return to scale
D)
Power function

Correct Answer :   Elasticity of substitution as constant and unity

Published On : May 22, 2021
7 .
When the demand of a commodity also depends upon prices of the substitutes & complementaries or relative prices then it is called
A)
Price-demand
B)
Cross-Demand
C)
Income-Demand
D)
None of the above

Correct Answer :   Cross-Demand

Published On : May 22, 2021
8 .
When quantity demanded changes due to factors other than price, it is called
A)
increase in demand
B)
decrease in demand
C)
both (a) and (b)
D)
None of the above

Correct Answer :   both (a) and (b)

Published On : May 22, 2021
9 .
In case of utility theory, as income increases, marginal utility of money
A)
Remains constant
B)
Increases
C)
Decreases
D)
None of the above

Correct Answer :   Remains constant

Published On : May 22, 2021
10 .
The perfect competition is characterised by
A)
seller as price taker
B)
presence of many firms
C)
firms selling identical products
D)
all of these

Correct Answer :   all of these

Published On : May 22, 2021
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