A monopsony is a market situation with: MCQ with Answer and Explanation

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A monopsony is a market situation with:

A. a single buyer

B. a single seller

C. two sellers

D. many buyers and sellers

Answer: Option A

Solution (By JKSSB Mock Tests)

A monopsony is a market structure in which there is only one buyer of a good or service.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on services provided by RBI is:

A. 0%

B. 18%

C. exempt

D. 5%

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Correct Answer: Option C

Explanation:
RBI services are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Multiplier' in Keynesian economics is related to:

A. Change in tax rate and change in revenue

B. Change in investment and change in income

C. Change in interest rate and change in investment

D. Change in money supply and change in prices

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Correct Answer: Option B

Explanation:
The investment multiplier shows how much income increases as a result of an initial increase in investment. Multiplier = 1/(1-MPC).

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Mid-Day Meal Scheme' was launched in which year?

A. 1985

B. 2001

C. 1995

D. 2005

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Correct Answer: Option C

Explanation:
Mid-Day Meal Scheme was launched in 1995.

This question belongs to: Economy GK Economy Set 1

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