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Generate QuizTrue/False – GK Questions
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Legal tender can be refused.
- True
- False
Answer: False
Legally, it cannot be refused for the settlement of debts.
Nominal GDP is always greater than Real GDP.
- True
- False
Answer: False
False during periods of deflation or in the base year.
Transfer payments are included in GDP.
- True
- False
Answer: False
No goods or services are produced in exchange for transfers.
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.
The 'Magical Realism' movement in literature is exclusively a European phenomenon that originated in 19th-century France.
- True
- False
Answer: False
While the term was coined by German art critic Franz Roh, Magical Realism as a literary movement is most famously associated with the Latin American Boom (e.g., Gabriel García Márquez, Alejo Carpentier) in the mid-20th century.
A 'foil' character is one who contrasts sharply with another character (usually the protagonist) in order to highlight particular qualities of the other character.
- True
- False
Answer: True
For example, Dr. Watson serves as a foil to Sherlock Holmes, highlighting Holmes's eccentric genius through Watson's grounded, conventional perspective.
Kamala Markandaya's 'Nectar in a Sieve' was shortlisted for the Booker Prize in its inaugural year, 1969.
- True
- False
Answer: False
'Nectar in a Sieve' was published in 1954, long before the Booker Prize was established in 1969. It was, however, an ALA Notable Book and a massive bestseller.
Polish author Olga Tokarczuk was awarded the 2018 Nobel Prize in Literature for her 'narrative imagination that with encyclopedic passion represents the crossing of boundaries as a form of life'.
- True
- False
Answer: True
Olga Tokarczuk, known for 'Flights' and 'The Books of Jacob', won the 2018 prize (awarded in 2019 after the Swedish Academy scandal).