Economics General Knowledge Questions

In monopolistic competition, you can find two and more sellers that compete with each other, whereas in a monopoly, there is only one seller.

An oligopoly refers to a market structure that consists of a small number of firms, who together have substantial influence over a certain industry or market. While the group holds a great deal of market power, no one company within the group has enough sway to undermine the others or steal market share.

The 'Innovation Theory of Profit' was proposed by Joseph. A. Schumpeter who believed that an entrepreneur can earn economic profits by introducing successful innovations.

Micro economics is also known as Price theory because it takes into account the demand and supply of individual units and thus aims to determine the price of a product using the factors of production.

Camera, in photography, a device for recording an image of an object on a light-sensitive surface; It is essentially a light-tight box with a hole to admit light that is focused onto a sensitive film or plate. 35 mm single-lens reflex (SLR) camera.

Dynamic theory of profit was advocated by J.B Clark. He stated that profits rise in that of type of economy where the things change. No profits will be generated n the static economy, where everything remains constant.

Fiscal Deficit is the difference between the total income of the government (total taxes and non-debt capital receipts) and its total expenditure. It occurs when the government's expenditure exceeds its income.

There is freedom of entry and exit. Sellers have perfect knowledge about the market conditions. They are price taker. Price Elasticity of Demand of a firm is Infinite which means demand curve for Perfect competition is a Perfectly Elastic.

Correct answer is US$ 600 billion. In June 2021, India crossed the 600 Billion USD mark for the first time. India has large foreign-exchange reserves; holdings of cash, bank deposits, bonds, and other financial assets denominated in currencies other than India's national currency, the Indian rupee.