Indian Economy Questions

Q:

Another name for false productivity is

A) making poor decisions B) filling your mind with negative self-talk
C) driving toward success D) spinning your wheels
 
Answer & Explanation Answer: D) spinning your wheels

Explanation:

Another name for false productivity is Spinning your wheels. They use the term for false productivity because your wheels are spinning as you're doing work but you're not going anywhere i.e, making any progress.

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Q:

Administered prices refer to

Answer

Administered prices are prices set by government or firms which are not determined by regular market forces. They do not vary in response to short-run fluctuations in demand and supply conditions.


Examples include price controls and rent controls.

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Q:

Microeconomics is the study of

A) Decisions of individual firms B) Decisions of individual households
C) Decisions of individual consumers D) All of the above
 
Answer & Explanation Answer: D) All of the above

Explanation:

Microeconomics is the branch or subset of economics that deals with the study of Decisions of individual firms, households and consumers.

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Q:

A business owned by one person

A) Sole proprietorship B) Non profit
C) Limited liability D) None of the above
 
Answer & Explanation Answer: A) Sole proprietorship

Explanation:

A business owned by one person and operates for their benefits is called as Sole Proprietorship or sole trader.

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Q:

The study of economics is primarily concerned with

A) choices that are made in seeking to use scarce resources efficiently B) keeping private businesses from losing money
C) demonstrating that capitalistic economies are superior to socialistic economies D) None of the above
 
Answer & Explanation Answer: A) choices that are made in seeking to use scarce resources efficiently

Explanation:
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Q:

The federal government debt is equal to the

A) sum of past budget deficits minus the sum of past budget surpluses B) annual difference between federal government tax revenues and outlays
C) obligations of benefits from federal taxes and expenditures D) sum of all annual federal government outlays
 
Answer & Explanation Answer: A) sum of past budget deficits minus the sum of past budget surpluses

Explanation:

The federal government debt is equal to the sum of past budget deficits minus the sum of past budget surpluses.

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Q:

An improvement in technology would shift

A) the demand curve rightward B) the supply curve rightward
C) the supply curve leftward D) the demand curve leftward
 
Answer & Explanation Answer: B) the supply curve rightward

Explanation:

An improvement in technology would shift the supply curve rightward.

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Q:

A pure market economy is sometimes called pure

A) Capitalism B) Stocking
C) Sharing D) Socialism
 
Answer & Explanation Answer: A) Capitalism

Explanation:
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