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 Indian Economy Questions

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Q:

If goods A and Z are complements, an increase in the price of good Z will _____.

A) increase demand for good A B) decrease demand for good A
C) decrease demand for good Z D) increase demand for good Z
 
Answer & Explanation Answer: B) decrease demand for good A

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Q:

A motion that seeks to reduce the amount of demand presented by government to Rs. 1/- is known as

A) Disapproval of policy Cut B) Token cut
C) Economy cut D) Vote on account
 
Answer & Explanation Answer: A) Disapproval of policy Cut

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Q:

In 2015, the nominal rate of interest in a country was 5.5% and the inflation rate then was 2.5%. So real rate of interest in 2015 was _________.

A) 8 percent B) 2.2 percent
C) 13.75 percent D) 3 percent
 
Answer & Explanation Answer: D) 3 percent

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Q:

National Income of India is compiled by

A) Finance Commission B) Indian Statistical Institute
C) National Development Council D) Central Statistical Organization
 
Answer & Explanation Answer: D) Central Statistical Organization

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Q:

The concept of joint sector implies cooperation between

A) Public sector and private sector industries B) State Government and Central Government
C) Domestic and Foreign Companies D) None of these
 
Answer & Explanation Answer: A) Public sector and private sector industries

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Q:

What does indifference curve represent?

A) Levels of Income and Capital B) Satisfaction derived from two goods
C) Income from two businesses D) Relationship between expenditure and savings
 
Answer & Explanation Answer: B) Satisfaction derived from two goods

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Q:

PMVVY (Pradhan Mantri Vaya Vandana Yojana) pension limit extends to which timeline?

A) March, 2021 B) March, 2019
C) March, 2022 D) March, 2020
 
Answer & Explanation Answer: D) March, 2020

Explanation:

PMVVY (Pradhan Mantri Vaya Vandana Yojana) pension limit extends to March, 2020.
The Union Cabinet, chaired by Prime Minister Narendra Modi approved extending the investment limit from Rs 7.5 lakh to Rs 15 lakh under the Pradhan Mantri Vaya Vandana Yojana (PMVVY).
It also extended the last date for a subscription to the scheme till March 31, 2020. The time limit was earlier supposed to end on May 4, 2018.
The PMVVY is being implemented through Life Insurance Corp (LIC) to provide social security during old age and protect the elderly aged 60 years and above against a future fall in their interest income due to uncertain market conditions. The scheme provides an assured pension based on a guaranteed rate of return of 8 percent per annum for 10 years.

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Q:

Capital deepening refers to 

A) going for more fixed capital per worker B) emphasis on social overhead capital
C) constant capital-output ratio D) increasing capital-output ratio
 
Answer & Explanation Answer: A) going for more fixed capital per worker

Explanation:

Capital deepening is a situation where the capital per worker is increasing in the economy. This is also referred to as increase in the capital intensity. Capital deepening is often measured by the rate of change in capital stock per labour hour.

 

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