A cartel is an example of: MCQ with Answer and Explanation

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A cartel is an example of:

A. non-collusive oligopoly

B. perfect competition

C. monopolistic competition

D. collusive oligopoly

Answer: Option D

Solution (By JKSSB Mock Tests)

A cartel is a formal collusive arrangement among oligopolistic firms to fix prices and output.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Advance tax is income tax that is:

A. paid in advance in instalments during the financial year

B. refunded by the government

C. paid after the end of the financial year

D. paid only by companies

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Correct Answer: Option A

Explanation:
Advance tax is paid in advance in instalments during the financial year instead of a lump sum at the end.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Gross National Product' at factor cost equals GDP at factor cost plus:

A. indirect taxes

B. depreciation

C. net factor income from abroad

D. subsidies

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Correct Answer: Option C

Explanation:
GNP at factor cost = GDP at factor cost + net factor income from abroad.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'NEFT' settlement in India has been made available on a:

A. monthly basis

B. only at branches

C. batch basis only on weekdays

D. 24x7 basis since December 2019

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Correct Answer: Option D

Explanation:
NEFT is available 24x7 since December 2019.

This question belongs to: Economy GK Economy Set 1

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