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

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Which of the following is a characteristic of oligopoly?

A. Perfect information and no barriers

B. Interdependence among firms

C. Homogeneous product with free entry

D. Large number of independent sellers

Answer: Option B

Solution (By JKSSB Mock Tests)

Oligopoly is characterised by a few firms that are interdependent in their decision-making, as the actions of one firm affect the others.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Fifth Five Year Plan' period was:

A. 1974-1979

B. 1969-1974

C. 1971-1976

D. 1980-1985

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Correct Answer: Option A

Explanation:
The Fifth Five Year Plan covered 1974-1979.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Norges Bank Investment Management' manages the sovereign wealth fund of:

A. Norway

B. UAE

C. China

D. Saudi Arabia

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Correct Answer: Option A

Explanation:
Norges Bank Investment Management manages Norway's Government Pension Fund Global.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Net National Product at factor cost' equals GNP at factor cost minus:

A. net factor income from abroad

B. depreciation

C. indirect taxes

D. subsidies

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Correct Answer: Option B

Explanation:
NNP at factor cost = GNP at factor cost - depreciation.

This question belongs to: Economy GK Economy Set 1

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