760+ Indian Economy Quiz Questions and Answers with Explanation

Q:

Who had estimate National Income in India first

A) Dadabhai Naoroji	B) R.C. Dutt
C) V.K.R.V.Rao	D) D.R.Gadgil

Answer & Explanation Answer: A) Dadabhai Naoroji

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Q:

Which of the following equation is/are INCORRECT?

I. NI = NDP + Net Foreign Income
II. GNP = GDP + Net Foreign Income
III. NDP = GNP – Depreciation

A) Only (I) and (II)	B) Only (III)
C) Only (II) and (III)	D) Only (II)

Answer & Explanation Answer: B) Only (III)

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Q:

Match the characteristics with their market structure:

(a) MR = MP
(b) Elasticity of demand depends on pricing policies of rivals

A) (a) Pure Monopoly, (b) Monopolistic competition	B) (a) Pure competition, (b) Oligopoly
C) (a) Pure competition, (b) Pure Monopoly	D) (a) Pure Monopoly, (b) Oligopoly

Answer & Explanation Answer: B) (a) Pure competition, (b) Oligopoly

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Q:

Match the characteristics with their market structure:

(a) Differentiated products, but close substitutes for consumers so their demand curves are elastic.
(b) Firm will tend to set output so that it earns maximum profits.

A) (a) Pure competition, (b) Pure Monopoly	B) (a) Monopolistic competition, (b) Oligopoly
C) (a) Oligopoly, (b) Pure Monopoly	D) (a) Monopolistic competition, (b) Pure Monopoly

Answer & Explanation Answer: D) (a) Monopolistic competition, (b) Pure Monopoly

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Q:

Match the characteristics with their market structure:

(a) Differentiated products, but close substitutes for consumers so their demand curves are elastic
(b) Homogeneous product, all goods are perfect substitutes for consumers

A) (a) Monopolistic Competition, (b) Pure Competition	B) (a) Monopolistic Competition, (b) Pure Monopoly
C) (a) Pure Monopoly, (b) Pure Competition	D) (a) Pure Monopoly, (b) Pure Competition

Answer & Explanation Answer: A) (a) Monopolistic Competition, (b) Pure Competition

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Q:

Match the characteristics with their market structure:

(a) MC = Price
(b) Firm will tend to set output so that it earns maximum profits.

A) (a) Pure Competition, (b) Pure Monopoly	B) (a) Pure Monopoly, (b) Monopolistic Competition
C) (a) Oligopoly, (b) Monopolistic Competition	D) (a) Pure Competition, (b) Oligopoly

Answer & Explanation Answer: A) (a) Pure Competition, (b) Pure Monopoly

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Q:

Match the characteristics with their market structure:

(a) demand will tend to be inelastic
(b) Firm has control over quantity of output but it must take into account reactions of competitors

A) (a) Pure Monopoly, (b) Oligopoly	B) (a) Pure Monopoly, (b) Monopolistic Competition
C) (a) Pure Competition, (b) Oligopoly	D) (a) Monopolistic Competition, (b) Pure Competition

Answer & Explanation Answer: A) (a) Pure Monopoly, (b) Oligopoly

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Q:

In India, Agriculture income is calculated by

A) Output method	B) Input method
C) Expenditure method	D) Commodity flow method

Indian Economy Questions

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