Economics – Easy Level – GK Questions

Established on April 1, 1935, based on the Hilton Young Commission.

The exact opposite phenomenon of inflation.

Both parties must desire exactly what the other has to offer.

Legally, it cannot be refused for the settlement of debts.

Fiat money has no intrinsic value and is backed by govt decree.

Represents the average income per person in the country.

False during periods of deflation or in the base year.

No goods or services are produced in exchange for transfers.

It is the purest measure of a country's national income.

GNP = GDP + Net Factor Income from Abroad (NFIA).

TC is the sum of TFC and TVC.

Fixed cost remains constant regardless of output level.

Isoquants never intersect, similar to ICs.

All costs are variable in the long run.

In the short run, some inputs cannot be changed.

Oligopoly has significant barriers to entry.

Duopoly means exactly two sellers dominate the market.

A monopolist is a price maker, not a price taker.

Monopoly is characterized by having no close substitutes.

All firms produce identical/homogeneous products.