Critical Thinking Skills Quiz Template
Can your employees think "Out of the Box" as and when required? This 3-minute quiz can reveal the true story about the analytical abilities of your employees!
Questions and Answers
- 1.
Timothy Donald Cook, popularly known as Tim Cook, is the Chief Executive Officer (CEO) of which of these companies?
- A.
Google
- B.
Twitter
- C.
Amaazon
- D.
Apple
Correct Answer
D. AppleExplanation
Timothy Donald Cook, also known as Tim Cook, is the CEO of Apple. This means he is the highest-ranking executive in the company and is responsible for making major decisions, setting the company's strategy, and overseeing its operations. Cook took over as CEO of Apple in 2011, succeeding Steve Jobs. Under his leadership, Apple has continued to innovate and release successful products such as the iPhone, iPad, and Apple Watch.Rate this question:
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- 2.
The Goods and Services Tax was proposed by a task force, whose president was
- A.
Vijay Kelkar
- B.
 Arun Jaitly
- C.
Narsimham
- D.
Montek Singh Ahluwalia
Correct Answer
A. Vijay KelkarExplanation
The correct answer is Vijay Kelkar. Vijay Kelkar was the president of the task force that proposed the Goods and Services Tax (GST). The GST is a comprehensive indirect tax that was implemented in India to replace multiple taxes such as excise duty, service tax, and value-added tax. Kelkar's role as the president of the task force highlights his involvement in the formulation and recommendation of the GST to the Indian government.Rate this question:
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- 3.
SBI Life Insurance Limited is a joint venture life insurance company of state Bank of India (SBI) and
- A.
HDFC life Insurance Company
- B.
Life Insurance Corporation of India
- C.
BNP Paribas Cardif
- D.
ICICI Prudential Life Insurance Company
Correct Answer
C. BNP Paribas CardifExplanation
SBI Life Insurance Limited is a joint venture life insurance company of State Bank of India (SBI) and BNP Paribas Cardif. This means that BNP Paribas Cardif is one of the partners in the joint venture, along with SBI. Therefore, BNP Paribas Cardif is the correct answer as it is one of the companies involved in the joint venture with SBI to form SBI Life Insurance Limited.Rate this question:
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- 4.
The Bank of Nova Scotia operating as Scotiabank is headquartered in
- A.
Toronto, Canada
- B.
Stockholm, Sweden
- C.
Geneva, Switzerland
- D.
Glasgow, Scotland
Correct Answer
A. Toronto, CanadaExplanation
Scotiabank is headquartered in Toronto, Canada. This information can be inferred from the statement "The Bank of Nova Scotia operating as Scotiabank is headquartered in Toronto, Canada."Rate this question:
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- 5.
SMERA Limited, a popular body in the financial world, is a full service
- A.
Asset Financing Company
- B.
Asset Management Company
- C.
Credit Information Bureau
- D.
Credit Rating Agency
Correct Answer
D. Credit Rating AgencyExplanation
SMERA Limited is a popular body in the financial world and is known for its expertise in credit ratings. A credit rating agency is responsible for assessing the creditworthiness of individuals, companies, and governments by analyzing their financial stability and ability to repay debts. SMERA Limited, being a credit rating agency, provides independent and reliable credit ratings to help investors and lenders make informed decisions about lending money or investing in various entities.Rate this question:
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- 6.
Indian multinational steel making company Tata Steel Limited is headquartered in
- A.
Mumbai, Maharashtra
- B.
Kolkata, West Bengal
- C.
Bhubaneshwar, Odisha
- D.
Ranchi, Jharkhand
Correct Answer
A. Mumbai, MaharashtraExplanation
Tata Steel Limited, an Indian multinational steel making company, is headquartered in Mumbai, Maharashtra.Rate this question:
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- 7.
Under increasing returns the supply curve is
- A.
Positively slopped from left to right
- B.
Negatively slopped from left to right
- C.
Parallel to the quantity axis
- D.
Parallel to the price-axis
Correct Answer
B. Negatively slopped from left to rightExplanation
Under increasing returns, the supply curve is negatively sloped from left to right. This means that as the quantity of a good or service increases, the price at which it is supplied decreases. This is because as production increases, economies of scale are achieved, resulting in lower average costs of production. As a result, producers are willing to supply more quantity at lower prices, leading to a downward sloping supply curve.Rate this question:
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- 8.
A market situation when many firms sell similar but not identical products is termed as
- A.
Perfect competition
- B.
Imperfect competition
- C.
Monopolistic competition
- D.
Oligopoly
Correct Answer
C. Monopolistic competitionExplanation
Monopolistic competition refers to a market situation where there are many firms selling similar but not identical products. In this type of competition, each firm has some control over the price and quality of its product, but there is still some level of competition from other firms. This market structure is characterized by product differentiation, meaning that firms try to distinguish their products through branding, advertising, or other means. As a result, firms in monopolistic competition have some degree of market power, but there is still enough competition to prevent them from being true monopolies.Rate this question:
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- 9.
According to John Maynard Keynes, employment depends upon
- A.
Aggregate demand
- B.
Aggregate supply
- C.
Effective demand
- D.
Rate of interest
Correct Answer
C. Effective demandExplanation
According to John Maynard Keynes, employment depends on effective demand. Effective demand refers to the total spending by households, businesses, and the government in an economy. Keynes argued that when there is insufficient effective demand, businesses will not invest and hire workers, leading to unemployment. Therefore, to stimulate employment, it is necessary to increase effective demand through policies such as government spending or reducing interest rates to encourage borrowing and spending.Rate this question:
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- 10.
Which one of the following is not an assumption in the law of demand?
- A.
There are no changes in the taste and preferences of consumers
- B.
Income of consumers remains constant
- C.
Consumers are affected by demonstration effect
- D.
There are no changes in the price of substitute goods
Correct Answer
C. Consumers are affected by demonstration effectExplanation
The assumption in the law of demand is that consumers are not affected by the demonstration effect. The law of demand states that as the price of a good or service increases, the quantity demanded decreases, assuming all other factors remain constant. The demonstration effect refers to the influence of others' consumption choices on an individual's preferences and demand. Therefore, if consumers are affected by the demonstration effect, it means that their preferences and demand can be influenced by others, which contradicts the assumption of the law of demand.Rate this question:
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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Mar 20, 2023Quiz Edited by
ProProfs Editorial Team -
Mar 01, 2020Quiz Created by
Hemanth Kode
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