Q:

Which of the following statements is incorrect, if resources were unlimited?

A) there would still be scarcity and opportunity costs	B) there would still be scarcity but no opportunity costs
C) there would be no scarcity, but there would be opportunity costs.	D) there would neither be scarcity nor opportunity costs

Answer & Explanation Answer: C) there would be no scarcity, but there would be opportunity costs.

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Q:

The consumption and saving schedules reveal that the:

A) MPC and APC are equal at the point where the consumption schedule intersects the 45-degree line.	B) MPC is equal to or greater than one at all income levels.
C) MPC is greater than zero, but less than one.	D) APS is positive at all income levels.

Answer & Explanation Answer: C) MPC is greater than zero, but less than one.

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Q:

Price elasticity of demand is generally

A) tends to be smaller in the short run than in the long run.	B) tends to be smaller in the long run than in the short run.
C) tends to be unrelated to the length of time.	D) tends to be larger in the short run than in the long run.

Answer & Explanation Answer: A) tends to be smaller in the short run than in the long run.

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Q:

What is the full form of GST?

A) Good and Services Tax	B) Goods Sales Tax
C) Grand Sales Tax	D) General Sales Tax

Answer & Explanation Answer: A) Good and Services Tax

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Q:

Radish is an example of

A) bulb	B) root
C) tuber	D) fruit

Answer & Explanation Answer: B) root

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Filed Under: Biology
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Q:

Who is the Union Minister of the Ministry of Commerce and Industry as of February 2018?

A) Suresh Prabhu	B) Sushma Swaraj
C) Anand Geete	D) Uma Bharti

Answer & Explanation Answer: A) Suresh Prabhu

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Filed Under: Indian Politics
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Q:

Who among the following claimed the top spot on Forbes 2017 list of the world's highest paid actresses, released on August 16, 2017?

A) Frances McDormand	B) Saoirse Ronan
C) Emma Stone	D) Elisabeth Moss

Answer & Explanation Answer: C) Emma Stone

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Filed Under: Famous Personalities
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Q:

Name the first civilian president of Myanmar.

A) Htin Kyaw	B) Myint Swe
C) Henry VanThio	D) Thein Sein

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