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Q:

Which of the following is a characteristic of the monopolistic competition?

 

A) A large number of firms compete B) Each firm produces a differentiated product
C) Both answers A and B are correct D) Barriers to entry
 
Answer & Explanation Answer: C) Both answers A and B are correct

Explanation:

A large number of firms compete and Each firm produces a differentiated product is a characteristic of the market structure for monopolistic competition.

 

 

 

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Q:

The First Mechanical Computer Designed by Charles Babbage was called?

A) Super Computer B) Abacus
C) Calculator D) Analytical Engine
 
Answer & Explanation Answer: D) Analytical Engine

Explanation:

Computer was invented by Charles Babbage.

The First Mechanical Computer Designed by Charles Babbage, a British mathematician was called as Analytical Engine which resembles today's modern machines  between 1833 and 1871.

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Q:

The main goal of Zionism was to

 

A) Establish a Jewish homeland B) Assimilate Jews into other cultures
C) Fight against anti-Semitism D) Increase Arab residents in Palestine
 
Answer & Explanation Answer: A) Establish a Jewish homeland

Explanation:
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Q:

Which of the following was the first super computer developed in 1976?

 

A) Acom Atom B) Cray-1
C) PCW D) PET
 
Answer & Explanation Answer: B) Cray-1

Explanation:
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Q:

Which of these is the best description of fixed expenses?

 

A) Insurance B) Payment on loans
C) Rent D) All the above
 
Answer & Explanation Answer: D) All the above

Explanation:

Fixed expenses are those expenses that do not change when there is a change in production or sales level.

 

Examples of Fixed Expenses are rent, insurance, payment on loans, salaries, advertising, etc...

 

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Q:

An increase in productivity will

 

A) Increase aggregate supply B) Increase in price level
C) Increase in demand D) All the above
 
Answer & Explanation Answer: A) Increase aggregate supply

Explanation:
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Q:

What does cyclical unemployment mean?

 

A) Unemployment during recessionary phase of trade cycle B) Disguised unemployment
C) Seasonal unemployment D) Voluntary unemployment
 
Answer & Explanation Answer: A) Unemployment during recessionary phase of trade cycle

Explanation:
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Q:

In which of the following fields was Prof. Richard H. Thaler awarded the Nobel Prize 2017?

 

A) Physics B) Chemistry
C) Literature D) Economics
 
Answer & Explanation Answer: D) Economics

Explanation:
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