Indian Economy GK Questions and Answers 2020-2021 - 1

Question: 1

Government will have sole right of producing and selling some goods, they are called ___ monopoly.

(A) Technical

(B) Natural

(C) Legal

(D) State

Ans: D


Question: 2

The supply curve in the long run is

(A) Elastic

(B) Inelastic

(C) Perfectly elastic

(D) Perfectly inelastic

Ans: C

Perfectly elastic

Question: 3

____ market assumes absence of transport cost.

(A) Monopoly

(B) Monopolistic competitive

(C) Perfectly competitive

(D) Oligopoly

Ans: C

Perfectly competitive

Question: 4

When demand and supply conditions are influenced at the international level, such market is called

(A) Regional

(B) Global

(C) Local

(D) National

Ans: B


Question: 5

In ____ period, supply fully meets the new demand conditions.

(A) Short

(B) Long

(C) Very long

(D) Very short

Ans: B


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