Which of the following is NOT a feature of perfect competition? MCQ with Answer and Explanation

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Which of the following is NOT a feature of perfect competition?

A. Large number of buyers and sellers

B. Free entry and exit

C. Homogeneous product

D. Product differentiation

Answer: Option D

Solution (By JKSSB Mock Tests)

Product differentiation is a feature of monopolistic competition, not perfect competition. In perfect competition, products are homogeneous.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is NOT a role of the government in a mixed economy?

A. Redistribution of income

B. Complete control over all production decisions

C. Correction of externalities

D. Provision of public goods

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Correct Answer: Option B

Explanation:
In a mixed economy, the government intervenes to provide public goods, correct externalities and redistribute income, but does not completely control all production decisions, which remain partly with the private sector.

This question belongs to: Economy GK Economy Set 1

Question #2

The Negotiable Instruments Act was enacted in which year?

A. 1949

B. 1872

C. 1934

D. 1881

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Correct Answer: Option D

Explanation:
The Negotiable Instruments Act was enacted in 1881 and governs cheques, bills of exchange and promissory notes.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'National Stock Exchange' was established in:

A. 1992

B. 2000

C. 1875

D. 1995

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Correct Answer: Option A

Explanation:
NSE was established in 1992.

This question belongs to: Economy GK Economy Set 1

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