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 Indian Economy Questions

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Q:

Which among the following sponsors Regional Rural Banks (RRB'S)?

A) Reserve Bank of India B) Foreign Banks
C) National Commercial Banks D) Co-Operative Banks
 
Answer & Explanation Answer: C) National Commercial Banks

Explanation:
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Q:

SEBI is ___________.

A) Constitutional body B) advisory body
C) statutory body D) non-statutory body
 
Answer & Explanation Answer: C) statutory body

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Q:

Which of the following do economists consider to be capital?

A) a construction crane B) a savings account
C) a share of IBM stock D) a pair of stockings
 
Answer & Explanation Answer: A) a construction crane

Explanation:

In economics, there are four factors of production. They are :

1. Land

2. Labour

3. Capital

4. Organization

 

Here in the given options, a construction crane acts like capital.

 

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Q:

In perfect competition a firm maximizes profit by _____.

A) setting price such that price is equal to or greater than its marginal costs B) setting output such that price equals average total costs
C) setting output such that price equals marginal costs D) setting price so that it is greater than marginal cost
 
Answer & Explanation Answer: C) setting output such that price equals marginal costs

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Q:

 Government has announced to fix MSP at a level of at least ________________ per cent of the cost of production for kharif crops 2018-19 which redeems the promise made in the Union Budget for 2018-19. 

A) 50 per cent  B) 250 per cent 
C) 200 per cent  D) 100 per cent 
 
Answer & Explanation Answer:

Explanation:

Government has announced its historic decision on 04.07.2018 to fix MSP at a level of at least 150 per cent of the cost of production for kharif crops 2018-19 which redeems the promise made in the Union Budget for 2018-19.The MSPs fixed by Government, cost and returns over all-India weighted average cost of production of crops for 2017-18 and 2018-19 is at Annexure.Cost of production varies in different states on account of difference in levels of irrigation, resource endowment, farm mechanization, land holding size, yield of crops etc. 

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Q:

The APC can be defined as the fraction of a:

A) change in income that is not spent. B) change in income that is spent.
C) specific level of total income that is not consumed. D) specific level of total income that is consumed.
 
Answer & Explanation Answer: D) specific level of total income that is consumed.

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Q:

Stagflation is a period of _______.

A) Persistent high inflation combined with high unemployment B) Persistent high inflation combined with low unemployment
C) Persistent low inflation combined with high unemployment D) Persistent low inflation combined with low unemployment
 
Answer & Explanation Answer: A) Persistent high inflation combined with high unemployment

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Q:

A company faces a -2.5 price elasticity of demand for its product. It is presently selling 10,000 units/month. If it wants to increase quantity sold by 6%, it must lower its price by

A) 3.50% B) 15%
C) 2.50% D) 2.40%
 
Answer & Explanation Answer: D) 2.40%

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