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
State
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
Global
Question: 5
In ____ period, supply fully meets the new demand conditions.
(A) Short
(B) Long
(C) Very long
(D) Very short
Ans: B
Long
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