Easy Indian Economics GK Questions and Answers
Economic rent does not increase when a factor (output) unit is supplied by
(A) completely inelastic
(B) perfectly elastic
(C) relatively elastic
(D) relatively inelastic
Correct Answer : B
Do regulated markets aim at developing a marketing structure to achieve which of the following?
(A) Widening the price spread between producer and consumer
(B) Reducing the price spread between producer and consumer
(C) Increase in non-working capital of traders
(D) Maximizing the non-working capital of the agents
Correct Answer : B
Under full-cost pricing, the price is determined by which of the following?
(A) By adding to the average cost
(B) By comparing marginal cost and marginal revenue
(C) By adding normal profit to marginal cost
(D) By total cost of production
Correct Answer : A
What is the need to create demand?
(A) production
(B) price
(C) income
(D) import
Correct Answer : A
Consumption function means
(A) Relationship between income and job
(B) Relationship between saving and investment
(C) Relationship between output and input
(D) Relationship between income and consumption
Correct Answer : D
Which of the following is the most important feature of product differentiation?
(A) Pure competition
(B) Monopolistic competition
(C) Monopoly
(D) Oligopoly
Correct Answer : B
What is a situation called in which many firms produce similar goods?
(A) Perfect competition
(B) Monopolistic competition
(C) Pure Competition
(D) oligopoly
Correct Answer : A
The difference between the price a consumer is ready to pay for a commodity and the price actually paid by him is called
(A) Consumer surplus
(B) Producer surplus
(C) Landlord surplus
(D) Surplus of labor
Correct Answer : A
In perfect competition
(A) marginal revenue is less than average revenue
(B) average revenue is less than marginal revenue
(C) average revenue is equal to marginal revenue
(D) average revenue is greater than marginal revenue
Correct Answer : C
It is prudent to determine the quantity of production when the industry is in operation
(A) in case of increasing returns
(B) in case of constant returns
(C) in case of diminishing returns
(D) in case of negative returns
Correct Answer : B
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Rajesh Bhatia
A Writer, Teacher and GK Expert. I am an M.A. & M.Ed. in English Literature and Political Science. I am highly keen and passionate about reading Indian History. Also, I like to mentor students about how to prepare for a competitive examination. Share your concerns with me by comment box. Also, you can ask anything at linkedin.com/in/rajesh-bhatia-7395a015b/.
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