General Knowledge Questions

Q:

In general, elasticity is a measure of

A) how firms' profits respond to changes in market prices.  B) the extent to which advances in technology are adopted by producers.
C) how much buyers and sellers respond to changes in market conditions. D) the extent to which a market is competitive. 
 
Answer & Explanation Answer: C) how much buyers and sellers respond to changes in market conditions.

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Q:

Government intervention in a modern economy is useful because

A) the needs and wants of modern society are always met by the market place B) the market place has many incentives to create public work such as parks and library’s
C) governments are more able to meet some needs and wants of modern society in a way that ensures that all members of society can participate D) the market place powers all its own laws
 
Answer & Explanation Answer: C) governments are more able to meet some needs and wants of modern society in a way that ensures that all members of society can participate

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Q:

If price of an article decreases from Rs 800 to Rs 700, quantity demanded increases from Q1 units to 70 units. If point elasticity of demand is -1.333 find Q1?

A) 80 units B) 90 units
C) 60 units D) 50 units
 
Answer & Explanation Answer: C) 60 units

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Q:

Anti-defection law was passed in which Constitutional Amendment Act?

A) 41st Constitutional Amendment Act B) 46th Constitutional Amendment Act
C) 48th Constitutional Amendment Act D) 52th Constitutional Amendment Act
 
Answer & Explanation Answer: D) 52th Constitutional Amendment Act

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Q:

The relation between the consumer’s optimal choice of the quantity of a good and its price is very important and this relation is called the ________ function.

A) Price B) Substitution
C) Supply D) Demand
 
Answer & Explanation Answer: D) Demand

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Q:

In a Parliamentary form of Government ___________

A) The Legislature is responsible to the Judiciary B) The Executive is responsible to the Legislature.
C) The Legislature is responsible to the Executive D) The Judiciary is responsible to the Legislature
 
Answer & Explanation Answer: B) The Executive is responsible to the Legislature.

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Q:

Which among the following is an example of micro-economic variable?

A) National Income B) Aggregate Supply
C) Employment D) Consumer's Equilibrium
 
Answer & Explanation Answer: D) Consumer's Equilibrium

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Q:

Read each sentence to find out whether there is any error in any underlined part and indicate your response in the Answer Sheet against the corresponding letter i.e., (a) or (b) or (c). If you find no error, your response should be indicated as (d).

A) Although we reached his house on time B) he was left
C) for the airport. D) No error
 
Answer & Explanation Answer: B) he was left

Explanation:

The error is in second part. In the given sentence two events occur one after the other. ‘He left’ before ‘we reached’. So, the event that was completed before the occurrence of the next event shall be expressed in past perfect tense. Therefore, the correct form of verb will be “had left”.

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