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 Indian Economy Questions

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Q:

The scarcity definition of economics is credited to

A) Dennis Robertson B) Lionel Robbins
C) Alfred Marshall D) Adam Smith
 
Answer & Explanation Answer: B) Lionel Robbins

Explanation:

The scarcity definition of economics is credited to Lionel Robbins.

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Q:

Which of the following statements about taxes is false?

A) Some states don’t collect income tax B) Taxes at the local, state and federal level are all equal
C) Taxes are collected at the local, state and federal level D) Some states don’t collect sales tax
 
Answer & Explanation Answer: A) Some states don’t collect income tax

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Q:

Increasing marginal cost of production explains

A) the income effect. B) why the supply curve is upsloping.
C) why the demand curve is downsloping D) the law of demand.
 
Answer & Explanation Answer: B) why the supply curve is upsloping.

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Q:

The demand curve shows the relationship between

A) good price and the service B) quantity demanded and the price of the good
C) quality and quantity of the good D) quality and price of the good
 
Answer & Explanation Answer: B) quantity demanded and the price of the good

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Q:

According to World Economic Forum Global Gender Gap Report 2017, Indian has closed ______ percentage of its gender gap.

A) 39 B) 67
C) 53 D) 91
 
Answer & Explanation Answer: B) 67

Explanation:
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Q:

National income accountants can avoid multiple counting by

A) subtracting NDP from GDP B) add exports, but subtract imports
C) only counting final goods D) None of the above
 
Answer & Explanation Answer: C) only counting final goods

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Q:

The largest component of GDP is

A) income B) wages
C) consumption D) imports
 
Answer & Explanation Answer: C) consumption

Explanation:

Consumption is the largest component of GDP.

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Q:

The law of supply indicates that other things equal

A) producers will offer more of a product at high prices than at low prices B) the quantity supplied of the good rises
C) the quantity supplied of the good rises D) producers will offer more of a product at high prices than at low prices
 
Answer & Explanation Answer: A) producers will offer more of a product at high prices than at low prices

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