Banking Awareness Quiz For IBPS | RBI | SBI | NABARD | LIC | 04-11-2023

 

Dear Readers,

Banking Awareness has been an important part of various competitive exams, so we are here with a series of Banking Awareness quizzes on a daily basis on our platform. Follow the quiz daily to improve your banking awareness.

1-In a monopoly, which of the following is true?

A) There are many sellers.

B) Firms produce identical products.

C) There are no barriers to entry.

D) There is a single seller.

E) Firms engage in price wars.

Answer: D

2-Which of the following is a characteristic of a perfectly competitive market?

A) Product differentiation

B) A small number of firms

C) Barriers to entry

D) A single firm dominates the market

E) Price-taking behavior

Answer: E

3-Oligopoly firms often engage in strategic behavior, which means:

A) They collude to set prices.

B) They do not consider the actions of other firms.

C) They react to the actions of other firms.

D) They produce identical products.

E) They operate in a perfectly competitive market.

Answer: C

4-In a duopoly, there are typically:

A) Many sellers.

B) No sellers.

C) Two sellers.

D) Identical products.

E) No price competition.

Answer: C

5-Which market structure has the greatest degree of product differentiation?

A) Monopoly

B) Oligopoly

C) Perfect competition

D) Monopolistic competition

E) Duopoly

Answer: D

6-Monopolistic competition is characterized by:

A) Many sellers producing identical products.

B) A single seller controlling the market.

C) A few sellers producing differentiated products.

D) A lack of competition.

E) Identical products and price competition.

Answer: C

7-In an oligopoly, price leadership occurs when:

A) A single firm sets the market price.

B) All firms collude to set prices.

C) Firms compete aggressively on price.

D) A dominant firm's price changes are followed by others.

E) Firms produce identical products.

Answer: D

8-Which market structure is characterized by a high degree of market power?

A) Perfect competition

B) Oligopoly

C) Monopolistic competition

D) Monopoly

E) Duopoly

Answer: D

9-Oligopolistic firms often engage in non-price competition, such as:

A) Price wars

B) Identical product offerings

C) Advertising and product differentiation

D) Collusion to raise prices

E) Perfect competition

Answer: C

10-In a perfectly competitive market, firms are:

A) Price makers

B) Price takers

C) Monopolists

D) Oligopolists

E) Monopolistic competitors

Answer: B