Economics GK Questions Practice Question and Answer
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Q: A fall in demand or rise in supply of a commodity–
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638f18d534f83f1472973cd5- 1Increases the price of that commodityfalse
- 2decreases the price of that commoditytrue
- 3neutralises the changes in the pricefalse
- 4determines the price elasticityfalse
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Answer : 2. "decreases the price of that commodity"
Q: If the change in demand for a commodity is at a faster rate than change in the price of the commodity, the demand is
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638f18639ebad6607ba1e9c3- 1perfectly inelasticfalse
- 2elasticfalse
- 3perfectly elastictrue
- 4inelasticfalse
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Answer : 3. "perfectly elastic "
Q: The four factors of production are
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638f1578d319b37ca181aa14- 1land, labour, capital, organisationtrue
- 2land, electricity, water, labourfalse
- 3labour, capital, land, rainfallfalse
- 4labour, climate, land, toolsfalse
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Answer : 1. "land, labour, capital, organisation"
Q: The demand for which of the following commodity will not rise in spite of a fall in its price?
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638f14c09ebad6607ba1c0fe- 1Televisionfalse
- 2Refrigeratorfalse
- 3Salttrue
- 4Meatfalse
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Answer : 3. "Salt "
Q: “Interest is a reward for parting with liquidity” is according to
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638f117234f83f1472970502- 1Keynestrue
- 2Marshallfalse
- 3Haberlerfalse
- 4Ohlinfalse
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Answer : 1. "Keynes "
Q: Production function expresses
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638f111a58400a550dc7fb8a- 1technological relationship between physical inputs and outputtrue
- 2financial relationship between physical inputs and outputfalse
- 3relationship between finance and technologyfalse
- 4relationship between factors of productionfalse
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Answer : 1. "technological relationship between physical inputs and output"
Q: In the law of demand, the statement “Other things remain constant” means
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638f109434f83f147296ab4d- 1income of consumer should not changefalse
- 2price of other goods should not changefalse
- 3taste of consumer should not changefalse
- 4All of the abovetrue
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Answer : 4. "All of the above"
Q: One of the essential conditions of Monopolistic competition is
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638f101a9ebad6607ba162b9- 1Many buyers but one sellerfalse
- 2Price discriminationfalse
- 3Product differentiationtrue
- 4Homogeneous productfalse
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Answer : 3. "Product differentiation "
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