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. Homogeneous product

B. Large number of buyers and sellers

C. Free entry and exit

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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Practice More Economy Set 1 Questions

Question #1

Currency depreciation generally makes imports:

A. unchanged

B. more expensive in domestic currency

C. cheaper

D. subsidized

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Correct Answer: Option B

Explanation:
Depreciation makes foreign goods more expensive in domestic currency, reducing import demand.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'General Agreement on Trade in Services' came into force in which year?

A. 2005

B. 1995

C. 2000

D. 1994

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Correct Answer: Option B

Explanation:
GATS came into force in 1995 as part of WTO agreements.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'National Manufacturing Policy' aims to create National Investment and Manufacturing Zones that are basically:

A. special economic zones only

B. agricultural zones

C. residential colonies

D. industrial parks with world-class infrastructure

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Correct Answer: Option D

Explanation:
NIMZs are integrated industrial parks with advanced infrastructure.

This question belongs to: Economy GK Economy Set 1

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