GK INFOPEDIA

[1] Effective demand depends on – A. capital-output ratio B. output-capital ratio C. total expenditure D. supply price Ans: supply price Explanation : Effective Demand is “the demand in which the consumer are able and willing to purchase at conceivable price” simply saying if the product price is low more will buy; but if the […]

[1] Which one of the following is not a feature of monopoly? A. Single seller of the product B. Heavy selling costs C. Barriers to entry of new firms D. Price discriminations Ans: Heavy selling costs Explanation : Heavy selling cost is one of the defining features of an oligopoly. Firms resort to heavy selling […]

[1] The terms “Micro Economics” and “Macro Economics” were coined by – A. Alfred Marshall B. Ragner Nurkse C. Ragner Frisch D. J.M. Keynes Ans: Ragner Frisch Explanation : The terms microeconomics and macroeconomics were coined by Professor Ragnar Frisch of Oslo University for the first time in 1933 and since then they gained popularity […]

[1] In terms of economics, if it is possible to make someone better off without making someone worse off, then the situation is – A. Inefficient B. Efficient C. Optimal D. Paretosuperior Ans: Inefficient Explanation : Pareto efficiency is said to occur when it is impossible to make one party better off without making some-one […]

[1] Who is authorized to issue coins in India? A. Reserve Bank of India B. Ministry of Finance C. State Bank of India D. Indian Overseas Bank Ans: Ministry of Finance Explanation : Coins may be coined at the Mint for issue under the authority of the Central Government, (of such denominations not higher than […]

[1] The concept of joint sector implies cooperation between – A. Public sector and private sector industries B. State Government and Central Government C. Domestic and. Foreign Companies D. None of these Ans: Public sector and private sector industries Explanation : Joint sector industries are owned jointly by the government and private individuals who have […]

[1] Bull and bear are related to which commercial activity? A. Banking B. Ecommerce C. International trade D. Stock market Ans: Stock market Explanation : Both the terms are related to stock market. Investors who take a bull approach purchase securities under the assumption that they can be sold later at a higher price. A […]

[1] Economic rent refers to – A. Payment made for the use of labour B. Payment made for the use of capital C. Payment made for the use of organisation D. Payment made for the use of land Ans: Payment made for the use of land Explanation : Rent refers to that part of payment […]

[1] Which nationalized bank of India has a shining star as its emblem? A. Syndicate Bank B. Indian Bank C. Bank of India D. Bank of Baroda Ans: Bank of India Explanation : The new logo of the Bank of Baroda is a unique representation of a universal symbol. It comprises dual ‘B’ letterforms that […]

[1] When the demand for a good increases with an increase in income, such a good is called – A. Superior good B. Giffin good C. Inferior good D. Normal good Ans: Superior good Explanation : A superior good is a product that people demand more of as they their incomes grow. These are products […]