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Generate QuizEconomics – Easy Level – GK Questions
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Repo rate is rate at which RBI?
- Borrows from banks
- Lends to banks
- Lends to public
- Buys bonds
Answer: Lends to banks
Short-term lending to banks against approved securities.
RBI nationalized in 1949.
- True
- False
Answer: True
Nationalized on January 1, 1949.
RBI was established in?
- 1935
- 1947
- 1949
- 1969
Answer: 1935
Established on April 1, 1935, based on the Hilton Young Commission.
Deflation is a ___ in general price level.
- Pareto Efficiency (or Pareto Optimality)
- InvITs (or Infrastructure Investment Trusts)
- arbitrage (or resale)
- sustained decrease
Answer: sustained decrease
The exact opposite phenomenon of inflation.
Barter system requires double coincidence of wants.
- True
- False
Answer: True
Both parties must desire exactly what the other has to offer.
Legal tender can be refused.
- True
- False
Answer: False
Legally, it cannot be refused for the settlement of debts.
Fiat money is backed by?
- Gold
- Silver
- Government order
- Forex
Answer: Government order
Fiat money has no intrinsic value and is backed by govt decree.
Per capita income = National Income / ___.
- Population
- short
- less
- 3.5
Answer: Population
Represents the average income per person in the country.
Nominal GDP is always greater than Real GDP.
- True
- False
Answer: False
False during periods of deflation or in the base year.
Transfer payments are included in GDP.
- True
- False
Answer: False
No goods or services are produced in exchange for transfers.
NNP at factor cost is known as ___.
- below
- National Income
- collusion
- frictional
Answer: National Income
It is the purest measure of a country's national income.
GNP includes net factor income from abroad.
- True
- False
Answer: True
GNP = GDP + Net Factor Income from Abroad (NFIA).
Total cost = Total fixed cost + ___.
- Foreign Currency Assets (FCA)
- Total variable cost
- 1998
- Okun's
Answer: Total variable cost
TC is the sum of TFC and TVC.
Fixed cost changes with output.
- True
- False
Answer: False
Fixed cost remains constant regardless of output level.
Isoquants intersect.
- True
- False
Answer: False
Isoquants never intersect, similar to ICs.
Long run has fixed costs.
- True
- False
Answer: False
All costs are variable in the long run.
Short run has at least one ___ factor.
- Variable
- Fixed
- Sunk
- None
Answer: Fixed
In the short run, some inputs cannot be changed.
Oligopoly has no barriers to entry.
- True
- False
Answer: False
Oligopoly has significant barriers to entry.
Duopoly has ___ sellers.
- two
- Diminishing Marginal
- middle-income (and creditworthy low-income)
- Refinery Products
Answer: two
Duopoly means exactly two sellers dominate the market.
Price taker exists in monopoly.
- True
- False
Answer: False
A monopolist is a price maker, not a price taker.