3
Q:

The Swarnjayanti Shahari Rojgar Yojana which came into operation  from 1.12.1997 aims to provide gainful employment to the urban unemployed or under employed poor but does NOT Include:

A) Nehru Rojgar Yojana B) Urban Basic Service Programme
C) Prime Minister's Integrated Urban poverty Eradication Programme D) Prime Minister's Rojgar Yojana

Answer:   D) Prime Minister's Rojgar Yojana



Explanation:
Subject: Indian Economy
Q:

Entrepreneurship as a theory of business was propounded by

A) Thomas A. Coleman B) Joseph A. Schumpeter
C) Adam Smith D) Douglas McGregor
 
Answer & Explanation Answer: B) Joseph A. Schumpeter

Explanation:

Entrepreneurship as a theory of business was propounded by Joseph. A. Schumpeter.

 

Schumpeter’s Innovation Theory of Profit :


Definition:  The Innovation Theory of Profit was proposed by Joseph. A. Schumpeter, who believed that an entrepreneur can earn economic profits by introducing successful innovations.

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3 73
Q:

In economics, if a good is inelastic,

A) its supply or demand is not sensitive to price changes. B) consumers have lost an interest in purchasing it.
C) producers have lost an interest in manufacturing it. D) its supply or demand is too sensitive to price changes.
 
Answer & Explanation Answer: A) its supply or demand is not sensitive to price changes.

Explanation:

A good that is inelastic does not have very stretchy demand.

In economic terms, the quantity demanded does not change a lot when the price changes. What do I mean by "does not change a lot"? If the percent change in quantity demanded is less than the percent change in price, economists label the demand for the good as inelastic.

 

So, if the price of a good increases by 10 percent and the quantity demanded decreases by only 5 percent, that good is said to have inelastic demand. The quantity demanded does not stretch much relative to the change in price.

 

Hence, in this case, consumers are not considered very sensitive, or responsive, to a change in the price of that good.

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1 106
Q:

Which statement describes the term salary?

A) Salary refers to the fixed amount paid on a daily basis. B) Salary refers to the varying amount paid on a daily basis.
C) Salary refers to the fixed amount paid on a weekly, bi-weekly, or monthly basis. D) None of the above
 
Answer & Explanation Answer: C) Salary refers to the fixed amount paid on a weekly, bi-weekly, or monthly basis.

Explanation:

A salary is best described as a fixed amount of income that is paid to an individual on a weekly, bi-weekly or monthly basis.

 

A salary can also be described as the annual earnings paid out over a year.

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1 143
Q:

In the expansion phase of a business cycle

A) economy moves from peak to trough B) economy moves from contraction to peak
C) economy moves from trough to peak D) economy moves from trough to trough
 
Answer & Explanation Answer: C) economy moves from trough to peak

Explanation:

Business cycles are identified as having four distinct phases:

1. Expansion,

2. Peak,

3. Contraction, and

4. Trough.

Expansion is the phase of the business cycle when the economy moves from a trough to a peak. It is a period when the level of business activity surges and gross domestic product (GDP) expands until it reaches a peak. A period of expansion is also known as an economic recovery.

An expansion is characterized by increasing employment, economic growth, and upward pressure on prices.

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1 192
Q:

As per the decision of the GST Council, e-Way Bill system has been rolled out from

A) 1st March 2018 B) 1st April 2018
C) 1st May 2018 D) 1st January 2018
 
Answer & Explanation Answer: B) 1st April 2018

Explanation:

As per the decision of the GST Council, e-Way Bill system has been rolled out from 1st of April this year (2018).

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1 131
Q:

Economic resources are also called

Answer

Economic resources include land, labour, capital and entrepreneurship. 


Entrepreneurship is also considered an economic resource because individuals are responsible for creating businesses and moving economic resources in the business environment.


 


These economic resources are also called as Factors of production.


 

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Q:

What is true about economic resources?

A) Economic resources are limited. B) Economic resources are always controlled by the government.
C) Economic resources include only money. D) Economic resources exist only at the individual level.
 
Answer & Explanation Answer: A) Economic resources are limited.

Explanation:

Economic resources are those goods and services that can be converted into valuable products for individual and business purposes.

There are four major types of economic resources:

1. land,

2. labor,

3. capital and

4. entrepreneurship.

 

Land and labor are natural and human resources, while capital means physical resources or money.

Entrepreneurship converts these resources into usable goods.

 

However, resources have finite values, and proper utilization depends on economic systems and economic decisions.

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1 152
Q:

The law of demand states that other things equal

A) as the price increases, the quantity demanded will decrease. B) as the price increases, the quantity demanded will increase.
C) as the price decreases, the demand curve will shift to the right. D) as the price increases, the demand will decrease.
 
Answer & Explanation Answer: A) as the price increases, the quantity demanded will decrease.

Explanation:
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