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Generate QuizEconomics – Hard Level – GK Questions
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Gresham's law: Bad money ___ good money.
- jobless growth
- Refinery Products
- quantitative
- drives out
Answer: drives out
People tend to hoard good money and circulate bad money.
GDP deflator formula?
- Nominal/Real*100
- Real/Nominal*100
- Nominal*Real
- Real-Nominal
Answer: Nominal/Real*100
Measures the overall change in price level in the economy.
MRTS is the slope of ___.
- isoquant
- final
- interest
- NPCI (or National Payments Corporation of India)
Answer: isoquant
Marginal Rate of Technical Substitution.
Kinked demand curve model is for?
- Monopoly
- Perfect competition
- Oligopoly
- Monopsony
Answer: Oligopoly
Explains price rigidity in an oligopolistic market.
Arc elasticity uses?
- Derivative
- Mid-point method
- Percentage method
- Geometric method
Answer: Mid-point method
Uses the average of initial and final values.
Point elasticity formula uses?
- Percentage change
- Derivative
- Mid-point
- Logarithm
Answer: Derivative
Point elasticity uses calculus/derivative at a specific point.