Economics GK | Economics Questions and Answers for Competitive Exams
Which one of the following factors does not shift the demand curve for a product to the right?
(A) to advertise successfully
(B) fall in the price of its complements
(C) increase in the price of its substitutes
(D) fall in the price of the product itself
Correct Answer : B
Explanation :
A change in the price of a good does not shift the demand curve. Instead, it causes a movement along the demand curve.
When do markets fail?
(A) when they equalize the surplus of all consumers and producers
(B) when they increase the surplus of all consumers and producers
(C) when they cannot maximize the surplus of all consumers and producers
(D) when they maximize the surplus of all consumers and producers
Correct Answer : C
On what basis does the monopolist resort to price discrimination?
(A) Elasticity of supply
(B) elasticity of demand
(C) law of demand
(D) law of supply
Correct Answer : B
Explanation :
Price discrimination is practiced based on the seller's belief that customers in certain groups can be asked to pay more or less based on certain demographics or on how they value the product or service in question.
What are the examples of car and diesel?
(A) demand
(B) supply
(C) joint supply
(D) joint demand
Correct Answer : D
(A) Rajeev Gandhi
(B) Mahatama Gandhi
(C) Indira Gandhi
(D) Jawahar Lal Nehru
Correct Answer : B
Explanation :
The Government of India passed the Mahatma Gandhi National Rural Employment Guarantee Act, 2005 in September, 2005. The Act gives legal guarantee of a hundred days of wage employment in a financial year to adult members of a rural household who demand employment and are willing to do unskilled manual work.
Who created the special drawing rights?
(A) International Bank for Reconstruction and Development
(B) Asian Development Bank
(C) International Monetary Fund
(D) World Trade Organization
Correct Answer : C
At a premium of Re 1, what amount of insurance cover is provided by the Indian Railways to the passengers?
(A) One lakh
(B) Fifty thousand
(C) Ten lakh
(D) Five lakh thousand
Correct Answer : C
Explanation :
Indian Railway: Get up to Rs 10 lakh insurance by paying just Re 1 - check how.
Which Department of the Government of India launched ‘One Health’ pilot project in April 2022?
(A) Department of Consumer Affairs
(B) Department of Animal Husbandry and Dairying
(C) Department of Pharmaceuticals
(D) Department of Commerce
Correct Answer : B
The financial year in the Indian economy runs from ______.
(A) 1 January to 31 May
(B) 1 April to 30 June
(C) 1 June to 31 March
(D) 1 April to 31 March
Correct Answer : D
Who is a chairman of 15th Finance Commission of India?
(A) Nirmala Sitharaman
(B) Dr. Ashok Lahiri
(C) N. K. Singh
(D) Ajay Narayan
Correct Answer : C
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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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