Economics – True/False – GK Questions

Nationalized on January 1, 1949.

Rising input costs like wages and raw materials push prices up.

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

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

False during periods of deflation or in the base year.

No goods or services are produced in exchange for transfers.

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

Fixed cost remains constant regardless of output level.

Isoquants never intersect, similar to ICs.

All costs are variable in the long run.

Oligopoly has significant barriers to entry.

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

Monopoly is characterized by having no close substitutes.

Necessities have highly inelastic demand.

ICs never intersect due to the property of transitivity.

Cardinal approach assigns exact numerical values to utility.

Complements have negative cross elasticity.

Shifts are due to non-price factors like income.

Demand curve slopes downward from left to right.