Economics GK Practice Question and Answer
8 Q: 'Poot determines his own demand' - Whose statement is this?
1201 062c3fbf3a00ee61c312c307b
62c3fbf3a00ee61c312c307b- 1Adam Smithfalse
- 2J. B. Se.true
- 3Marshalfalse
- 4Ricardofalse
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Answer : 2. "J. B. Se."
Q: What is the process of constantly increasing prices?
1199 06088f6d506b39f63ea8eddd8
6088f6d506b39f63ea8eddd8- 1Inflationtrue
- 2over productionfalse
- 3Mandifalse
- 4None of thesefalse
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Answer : 1. "Inflation"
Q: Average Revenue means
1190 0638f0e92d319b37ca1812928
638f0e92d319b37ca1812928- 1the revenue per unit of commodity soldtrue
- 2the revenue from all commodities soldfalse
- 3the profit realised from the marginal unit soldfalse
- 4the profit realised by sale of all commoditiesfalse
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Answer : 1. "the revenue per unit of commodity sold"
Q: The intervention of the government whether to expand demand or reduce it constitutes the ___________.
1184 0649aa4ff46047484bc6fa4b6
649aa4ff46047484bc6fa4b6- 1speculative functionfalse
- 2redistribution functionfalse
- 3stabilisation functiontrue
- 4transaction functionfalse
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Answer : 3. "stabilisation function"
Explanation :
1. Government intervention, whether to expand demand or to reduce it, is called stabilization function.
Q: Which of the following is an indirect tax?
1166 064b5226e23047f4c71bfdc02
64b5226e23047f4c71bfdc02- 1Capital gains taxfalse
- 2Goods and services taxtrue
- 3Wealth taxfalse
- 4Gift taxfalse
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Answer : 2. "Goods and services tax "
Explanation :
1. Of the following, Goods and Services Tax is an indirect tax.
2. There are many types of indirect taxes, which include service tax, excise duty, customs duty and VAT.
3. GST has simplified the indirect tax system.
Q: A type of unemployment in rural areas when people are not able to find jobs during some months of the year is called ______.
1158 064242d0a9d18d2e8ae1754b3
64242d0a9d18d2e8ae1754b3- 1educated unemploymentfalse
- 2disguised unemploymentfalse
- 3frictional unemploymentfalse
- 4seasonal unemploymenttrue
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Answer : 4. "seasonal unemployment"
Q: Which of the following is not a function of currency?
1134 06088f5d5bdba7253ca28762e
6088f5d5bdba7253ca28762e- 1Measurement of valuefalse
- 2accumulation of valuefalse
- 3transfer of valuefalse
- 4stabilization of pricetrue
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Answer : 4. "stabilization of price"
Q: A form of financial service which provides small loans and other financial services to poor and low-income households is called ______.
1133 0642428df5bff3d098d10de5e
642428df5bff3d098d10de5e- 1microfinancetrue
- 2commercial mortgagefalse
- 3invoice financingfalse
- 4personal financefalse
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