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Business Economics - Questions and Answers for Competitive Exams | GkSeries

Questions
49. A distinguishing characteristic of monopolistic competition is
  • [A] Large number of firms
  • [B] Low entry barriers
  • [C] Product standardisation
  • [D] Product differentiation

Answer: Option [D]

50. In case of perfect competition, no of selling firm would be
  • [A] Large
  • [B] Single
  • [C] Varied but too many
  • [D] None of the above

Answer: Option [A]

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51. Which of the following is a characteristic of a perfectly competitive market?
  • [A] Firms are price setters.
  • [B] There are few sellers in the market.
  • [C] Firms can exit and enter the market freely
  • [D] All of the above are correct.

Answer: Option [C]

52. When firms have an incentive to exit a competitive market, their exit will ____________.
  • [A] drive down market prices
  • [B] drive down profits of existing firms in the market.
  • [C] decrease the quantity of goods supplied in the market.
  • [D] All of the above are correct.

Answer: Option [D]

53. Bank rate is also known as __________.
  • [A] lending rate
  • [B] interest rate
  • [C] CRR
  • [D] SDR

Answer: Option [D]

54. According to monetarists, the Great Depression in the United States largely resulted from _____________.
  • [A] excessive imports relative to exports
  • [B] significant changes in technology and resource availability.
  • [C] inappropriate monetary policy
  • [D] excessive exports relative to imports.

Answer: Option [A]

55. The study of ups and downs in economics is ____________
  • [A] Monetary policy
  • [B] Fiscal policy
  • [C] Business cycle
  • [D] None

Answer: Option [C]

56. In the _____________ phase , demand, output, employment and income are at a high level
  • [A] Depression
  • [B] Recession
  • [C] Boom
  • [D] Recovery

Answer: Option [C]

57. The measures to control business cycle are _________
  • [A] Monetary policy
  • [B] Fiscal policy
  • [C] Direct controls
  • [D] All of the above

Answer: Option [D]

58. When national income of a country is calculated in terms of constant prices, it is called as _________
  • [A] Nominal GNP
  • [B] GNP at current prices
  • [C] GNP at constant prices
  • [D] GDP at constant prices

Answer: Option [C]

59. Inflation means ___________
  • [A] More money less value
  • [B] Less money high value
  • [C] More money more value
  • [D] Less money less value

Answer: Option [A]

60. When the rise in price is very slow like that of a creeper, it is called _____________
  • [A] Walking Inflation
  • [B] Creeping Inflation
  • [C] Running Inflation
  • [D] True inflation

Answer: Option [B]

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