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

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A monopsony is a market situation with:

A. two sellers

B. a single buyer

C. many buyers and sellers

D. a single seller

Answer: Option B

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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Practice More Economy Set 1 Questions

Question #1

The purchasing power parity exchange rate between two currencies is the rate that:

A. equalizes interest rates

B. equalizes trade balances

C. maximizes exports

D. equalizes the prices of a basket of goods across countries

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Correct Answer: Option D

Explanation:
The PPP exchange rate equalizes the price of a common basket of goods across countries.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Infant Industry Argument' for protection supports:

A. permanent tariffs on all imports

B. temporary protection to new industries to help them develop

C. free trade

D. protecting mature industries

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Correct Answer: Option B

Explanation:
The infant industry argument supports temporary protection for new industries until they become competitive.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Atal New India Challenge' is an initiative of:

A. SEBI

B. Ministry of Finance

C. Ministry of Defence

D. Atal Innovation Mission, NITI Aayog

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Correct Answer: Option D

Explanation:
Atal New India Challenge is an initiative of Atal Innovation Mission under NITI Aayog.

This question belongs to: Economy GK Economy Set 1

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