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 Indian Economy Questions

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Q:

Which tax uses the same rate for all income levels?

A) Income tax B) Proportional tax
C) Both A & B D) Service tax
 
Answer & Explanation Answer: B) Proportional tax

Explanation:

Tax that uses the same rate for all income levels is proportional tax.

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Q:

In calculating the GDP national income accountants

A) add increases in inventories or subtract decreases in inventories B) add exports, but subtract imports
C) Both A & B D) None of the above
 
Answer & Explanation Answer: A) add increases in inventories or subtract decreases in inventories

Explanation:
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Q:

A negative supply shock in the short run causes

A) the aggregate supply curve to shift to the left B) unemployment to fall
C) the aggregate supply curve to shift to the right D) the price level to fall
 
Answer & Explanation Answer: A) the aggregate supply curve to shift to the left

Explanation:

A negative supply shock in the sho rt run causes the aggregate supply curve to shift to the left.

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Q:

The largest expenditure component of GDP is

A) Consumption B) Net exports
C) Government spending D) Investments
 
Answer & Explanation Answer: A) Consumption

Explanation:
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Q:

Globalization has the largest effect on

A) Politics B) Economy
C) Employment D) Business
 
Answer & Explanation Answer: B) Economy

Explanation:

Globalization has the largest effect on the economies. Globalisation is the process of interaction and integration between people, companies, and governments worldwide.

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Q:

Supply curves tend to be

A) more elastic in the long run, because there is time for firms to enter or leave the industry. B) less elastic in the long run, because there is time for firms to enter or leave an industry.
C) perfectly elastic in the long run, because consumer demand will have sufficient time to adjust fully to changes in supply. B. D) None of the above
 
Answer & Explanation Answer: A) more elastic in the long run, because there is time for firms to enter or leave the industry.

Explanation:

Supply curves tend to be more elastic in the long run, because there is time for firms to enter or leave the industry.

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Q:

Value added can be determined by

Answer

Value added is determined by the difference between the price of product or service and the cost of producing it.


 


Added Value = Price that the product or service is sold at - cost of producing the product.

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Q:

Tennis rackets and ballpoint pens are

A) complementary goods B) independent goods
C) inferior goods D) substitute goods
 
Answer & Explanation Answer: B) independent goods

Explanation:

Tennis rackets and ballpoint pens are two independent goods. Since, one doesn't depend on the other.

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