GK Questions and Answer, GK Quiz

1:  Which of the following terms is used to define a period of time when there is a suspension of a specific activity, especially voluntary suspension of collection of debts by a private business, government, or under a court order?
Options:
  1. Rationalisation
  2. Ceiling
  3. Embargo
  4. Moratorium

Answer: Option4

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2:  The Phillips Curve suggests that there is an inverse relationship between
Options:
  1. Wages and Inflation
  2. Unemployment and Wages
  3. Unemployment and Inflation
  4. Unemployment and national income

Answer: Option3

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3:  'A formal evaluation of an individual's or company's credit history and capability of repaying obligations' is known by which of the following terms?
Options:
  1. Net Asset Value
  2. Credit rating
  3. Cash Credit
  4. Current Ratio

Answer: Option4

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4:  What is meant by the economic term 'Limited liability?
Options:
  1. It means that the number of shares in the company is strictly limited.
  2. It means that all shareholders have the same liability for the company's debt.
  3. It means that shareholder is only liable for the debts of the company to the extent of the unpaid value of his shares.
  4. It means that all shareholders except ordinary shareholders enjoy limited liability.

Answer: Option3

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5:  The economic term 'Capital Gain' means
Options:
  1. Part of profits added to the capital.
  2. Appreciation in the money value of assets.
  3. Additions to the capital invested in a business.
  4. None of these.

Answer: Option2

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6:  The term 'contraband goods' is best explained in which of the following descriptions?
Options:
  1. Goods that are wholly imported.
  2. Goods produced only for exports.
  3. Goods for the trading of which licence is not required.
  4. Goods that are forbidden from export, import or even possession, by law.

Answer: Option4

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7:  The term 'Dear Money' refers to an economic situation in which there is
Options:
  1. Low rate of interest
  2. High rate of interest
  3. Depression
  4. Inflation

Answer: Option2

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8:  The marginal revenue product schedule is a company's what, among the following options?
Options:
  1. ratio of total revenue to output
  2. resource supply schedule
  3. resource demand schedule
  4. product supply schedule

Answer: Option3

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9:  BOP (Balance of Payment) refers to which among the following options?
Options:
  1. transactions in the flow of capital
  2. transactions relating to receipts and payment of invisibles
  3. transactions relating only to exports and imports
  4. systematic record of all its economic transaction with the rest of the world

Answer: Option4

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10:  GNP (Gross National Product) is the money value of which among the following options?
Options:
  1. final goods and services produced annually in the economy
  2. annual service generation in the economy
  3. tangible goods available in the economy
  4. tangible goods produced annually in the economy

Answer: Option1

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11:  What term is used to describe such an unemployment, which occurs when workers move from one job to another job?
Options:
  1. Seasonal unemployment
  2. Frictional unemployment
  3. Cyclical unemployment
  4. Technological unemployment

Answer: Option2

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12:  Among the following statements, which one defines the term 'Letter of Credit' best, as used frequently in bank transactions?
Options:
  1. An order from a bank to another bank abroad authorising the payment of a particular amount to a person named in the letter.
  2. An unconditional undertaking given by a bank ensuring the payment of a particular amount to the drawee at a given time.
  3. Letter by a bank to a person stating the terms and conditions of the loan sanctioned to him by the bank.
  4. Statements showing outstanding deposits and credits of a bank for a particular period.

Answer: Option1

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13:  Seller's market signifies a market situation where
Options:
  1. commodities are available at competitive rates
  2. demand exceeds supply
  3. supply exceeds demand
  4. supply and demand are evenly balanced

Answer: Option2

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14:  The term 'White goods' apply to which of the following?
Options:
  1. basic raw materials
  2. cosmetic articles
  3. goods imported from the western countries
  4. durable consumption goods

Answer: Option4

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15:  A 'Closed economy' refers to an economic system having
Options:
  1. exports only
  2. imports only
  3. no exports or imports
  4. controlled supply of money

Answer: Option3

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16:  By which of the following names is a loan bearing low rate of interest known as?
Options:
  1. Hard loan
  2. Soft loan
  3. Capital loan
  4. Real loan

Answer: Option2

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17:  Buyer's market denotes the place where which of the following situations occurs?
Options:
  1. the supply exceeds the demand
  2. the demand exceeds the supply
  3. the demand and supply are well balanced
  4. commodities are available at competitive rates

Answer: Option1

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18:  The concept of Joint Sector implies association between which of the following ones?
Options:
  1. Small and large industries
  2. State and Central Govt. enterprises
  3. Indian and multinational companies
  4. Public sector and private sector industries

Answer: Option4

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19:  What is the definition of a 'Socialist state'?
Options:
  1. It is a state in which there is only private ownership of the factors of production.
  2. It is a state in which there is monopoly ownership only.
  3. It is a state in which there is only state and collective ownership of means of production.
  4. It is a state in which there is only joint ownership of the means of production.

Answer: Option3

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20:  A dual economy means simultaneous coexistence of which among the following options?
Options:
  1. export and domestic sectors
  2. public and private sectors
  3. mining and manufacturing
  4. features of advanced and backward economies

Answer: Option4

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The soul hardly ever realizes it, but whether he is a believer or not, his loneliness is really a homesickness for God.
-Hubert Van Zeller