Which of the following is a characteristic of a monopoly? MCQ with Answer and Explanation

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Which of the following is a characteristic of a monopoly?

A. Large number of sellers

B. Single seller and no close substitutes

C. Free entry and exit

D. Homogeneous product with many sellers

Answer: Option B

Solution (By JKSSB Mock Tests)

Monopoly is characterised by a single seller of a product that has no close substitutes, with barriers to entry.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is a component of Gross National Product?

A. NDP plus depreciation

B. GDP minus net factor income from abroad

C. GDP plus net factor income from abroad

D. GDP minus depreciation

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Correct Answer: Option C

Explanation:
GNP = GDP + Net factor income from abroad. Net factor income from abroad is the difference between factor income received from abroad and factor income paid to abroad.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Clean Development Mechanism' under the Kyoto Protocol allows developed countries to:

A. increase emissions

B. earn emission reduction credits by investing in projects in developing countries

C. avoid all climate action

D. tax developing countries

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Correct Answer: Option B

Explanation:
CDM allows developed countries to earn Certified Emission Reductions by financing emission reduction projects in developing countries.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'PM Formalization of Micro Food Processing Enterprises' scheme is associated with which sector?

A. Textiles

B. IT services

C. Steel

D. Food processing

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Correct Answer: Option D

Explanation:
PM FME scheme supports micro food processing enterprises.

This question belongs to: Economy GK Economy Set 1

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