Top 550+ Solved Economics (GK) MCQ Questions Answer
Q. The monetary policy is India is formulated by -
a. Central Government
b. Industrial Financial Corporation of India
c. Reserve Bank of India
d. Industrial Development Bank of India
Q. The system of "Memorandum of Understanding” (MoU) was introduced in -
a. 1989 - 90
b. 1990 - 91
c. 1987 - 88
d. 1988 - 89
Q. The upper limit of investment in plant and machinery for small-scale industries has been fixed currently at -
a. Rs. 35 lakhs
b. Rs. 45 lakhs
c. Rs. 60 lakhs
d. Rs. 1 crore
Q. What is USP in marketing field?
a. Uninterrupted power supply
b. Universal standards of production
c. Us Programme based
d. Exclusive marketing features
Q. When too much money is chasing too few goods, the situation is -
a. deflation
b. inflation
c. recession
d. stagflation
Q. Which one of the following is not a feature of monopoly?
a. Single seller of the product
b. Heavy selling costs
c. Barriers to entry of new firms
d. Price discriminations
Q. The supply of labour in the market depends on -
a. the proportion of the population in the labour force
b. the number of person hours put in by each person
c. the size of population
d. All the above
Q. Engel's Law states the relationship between -
a. quantity demanded and price of a commodity
b. quantity demanded and price of substitutes
c. quantity demanded and tastes of the consumers
d. quantity demanded and income of the consumers
Q. The demand curve for a Giffen good is
a. upward rising
b. downward falling
c. parallel to the quantity axis
d. parallel to the price axis
Q. If the price of Pepsi decreases relative to the price of Coke and 7-Up, the demand for
a. Coke will decrease
b. 7-Up will decrease
c. Coke and 7-Up will increase
d. Coke and 7-Up will decrease
Q. The demand curve shows that price and quantity demanded are -
a. directly related only
b. directly proportional and also directly related
c. inversely proportional and aslo inversely related
d. inversely related only
Q. If the main objective of the government is to raise revenue, it should tax commodities with
a. high elasticity of demand
b. low elasticity of supply
c. low elasticity of demand
d. high income elasticity of demand
Q. Demand for complementary goods is known as -
a. Joint demand
b. Derived demand
c. Direct demand
d. Cross demand