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 Indian Economy Questions

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Q:

A market situation when firms sell similar but not identical products is termed as

 

A) perfect competition B) imperfect competition
C) monopolistic competition D) oligopoly
 
Answer & Explanation Answer: C) monopolistic competition

Explanation:

Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another (e.g. by branding or quality) and hence are not perfect substitutes.

In other words, large sellers selling the products that are similar, but not identical and compete with each other on other factors besides price.

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Q:

For an inferior good demand falls when _________.

 

A) Piece rise   B) Price falls  
C) Income rise   D) Income falls  
 
Answer & Explanation Answer: C) Income rise  

Explanation:
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Q:

‘KAPILA’ programme, which was making news recently, is associated with which sector?

 

A) MSME B) Intellectual Property Rights
C) Aviation D) Automobile
 
Answer & Explanation Answer: B) Intellectual Property Rights

Explanation:
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Q:

Leverage enables currency traders to do which of the following?

 

A) Reduce the risk of losing money   B) Force foreign governments to print more money
C) Make large currency trades using small amounts of money D)  Buy currencies before they are available to the public
 
Answer & Explanation Answer: C) Make large currency trades using small amounts of money

Explanation:
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Q:

What is poverty gap?

 

A) the difference between poverty line and actual income level of all those living below that line B) gap between developed and developing nations
C) gap between the rich and the poor D) gap between infrastructural facilities in developed and developing nations  
 
Answer & Explanation Answer: A) the difference between poverty line and actual income level of all those living below that line

Explanation:
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Q:

The purpose of land reforms was to achieve ___________.

 

A) increase in production B) increase the purchasing power of the rural population
C) ensure distributive justice with economic growth D) All options are correct
 
Answer & Explanation Answer: D) All options are correct

Explanation:
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Q:

Consider the following statements:

1. Inflation in India continued to be moderate during 2017-18

2. There was significant reduction in food inflation, particularly pulses and vegetables during the period.


Which of the statements given above is/are correct?

A) 1 only B) 2 only
C) Both 1 and 2 D) Neither 1 nor 2
 
Answer & Explanation Answer: C) Both 1 and 2

Explanation:

According to the Survey, inflation in the country continued to moderate during 2017-18 with the CPI based headline inflation averaging 3.3 per cent during the period --the lowest in the last six financial years

Retail inflation fell to a record low of 2.18% in May as prices of kitchen staples like vegetables and pulses declined sharply although there was a marginal spike in fruit rates.

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Q:

The demand for labour is the same as the ___________.

 

A) marginal revenue product B) marginal physical product
C) marginal cost D) wage
 
Answer & Explanation Answer: A) marginal revenue product

Explanation:
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