Demand and Supply Questions | Demand and Supply Short Questions(MCQs) & Answers

Sports GK Questions and Answers 2024 (Latest Updated)

Awards & Honours GK Questions 2024 (Latest Updated)

Questions
41 When cross elasticity of demand is a large positive number, one can conclude that:
A The good is normal
B The good is inferior
C The good is a substitute
D The good is a complement

Answer: The good is a substitute
42 Price and demand are positively correlated in case of:
A Necessities
B Comforts
C Giffen goods
D Luxuries

Answer: Giffen goods
Advertisement
Article and Schedule Quiz Start Test!
DOWNLOAD CURRENT AFFAIRS PDF FROM APP
43 The supply of a good refers to:
A Stock available for sale
B Total stock in the warehouse
C Actual Production of the good
D Quantity of the good offered for sale at a particular price per unit of time

Answer: Quantity of the good offered for sale at a particular price per unit of time
44 The economist’s objections to monopoly rest on which of the following grounds?
A There is a transfer of income from consumers to the monopolist
B There is welfare loss as resources tend to be misallocated under monopoly
C Only A is correct
D Both A and B are correct

Answer: Both A and B are correct
45 In which of the following market structure is the degree of control over the price of its product by a firm very large?
A Imperfect competition
B Perfect competition
C Monopoly
D In A and B both

Answer: Monopoly
46 Which among the following is not a function of International Monetary Fund?
A It serves a medium term and long term credit institution’
B It provides a mechanism for improving short term balance of payments position’
C It provides machinery for international consultations’
D It provides reservoir of the currencies of the member countries and enables members to borrow one another’s currency’

Answer: It serves a medium term and long term credit institution’
47 Which among the following is NOT correct?
A Floating exchange rate system works on the market mechanism
B Floating exchange rate breeds uncertainties and speculation
C Economic and political factors and value judgments influence the choice of the exchange rate system
D The system of floating exchange rate requires comprehensive government intervention

Answer: The system of floating exchange rate requires comprehensive government intervention
48 Who propounded the opportunity cost Theory of international trade?
A Ricardo
B Marshall
C Heckscher & Ohlin
D Haberler

Answer: Haberler
49 Which of the following is also known as International Bank for Reconstruction and Development?
A Asian Development Bank
B World Bank
C Reserve Bank of India
D International Monetary Fund

Answer: World Bank
50 ‘Infant industry argument’ in international trade is given in support of:
A Granting Protection
B Free trade
C Encouragement to export oriented small and tiny industries
D None of the above

Answer: Granting Protection

Random GK Questions

Q. In which year did the Indian Naval Mutiny against the British take place ?
Q. The Law of Demand is based on
Q. Gross Domestic Product is defined as the value of all
Q. Which one of the following scripts of ancient India was written from right to left ?
Q. The tomb of Babur is located at :
Q. Quantity of fresh air required for a man is
Assam Direct Recruitment Test Series

Teacher Eligibility Test

Assam Direct Recruitment Test Series