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Generate QuizEconomics – True/False – GK Questions
Free practice for SSC, UPSC, Banking & Railway exams. No login required.
GNP includes net factor income from abroad.
- True
- False
Answer: True
GNP = GDP + Net Factor Income from Abroad (NFIA).
Fixed cost changes with output.
- True
- False
Answer: False
Fixed cost remains constant regardless of output level.
Isoquants intersect.
- True
- False
Answer: False
Isoquants never intersect, similar to ICs.
Long run has fixed costs.
- True
- False
Answer: False
All costs are variable in the long run.
Oligopoly has no barriers to entry.
- True
- False
Answer: False
Oligopoly has significant barriers to entry.
Price taker exists in monopoly.
- True
- False
Answer: False
A monopolist is a price maker, not a price taker.
Monopoly has close substitutes.
- True
- False
Answer: False
Monopoly is characterized by having no close substitutes.
Necessities have highly elastic demand.
- True
- False
Answer: False
Necessities have highly inelastic demand.
Indifference curves intersect.
- True
- False
Answer: False
ICs never intersect due to the property of transitivity.
Cardinal utility is measurable.
- True
- False
Answer: True
Cardinal approach assigns exact numerical values to utility.
Complementary goods have positive cross elasticity.
- True
- False
Answer: False
Complements have negative cross elasticity.
Movement along demand curve is due to change in price.
- True
- False
Answer: True
Shifts are due to non-price factors like income.
Demand curve slopes upward.
- True
- False
Answer: False
Demand curve slopes downward from left to right.