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 Indian Economy Questions

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Q:

What is an octroi ?

A) Tax B) Tax collection centre
C) Tax processing centre D) Tax information centre
 
Answer & Explanation Answer: A) Tax

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Q:

The marginal propensity to consume lies between ____________.

A) 0 to Infinity B) 0 to 1
C) 1 to Infinity D) 0 to 10
 
Answer & Explanation Answer: B) 0 to 1

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Q:

Which of the following is not true regard to Goods and Services Tax (GST) ?

A) It will replace luxury tax B) It is a direct tax
C) It will replace multiple taxes on a product or service D) It is an indirect tax
 
Answer & Explanation Answer: B) It is a direct tax

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Q:

 The difference between exports and imports is called-? 

A) assets and liabilities  B) balance of payment 
C) GDP  D) balance of trade 
 
Answer & Explanation Answer: D) balance of trade 

Explanation:

The difference between exports and imports is called the balance of trade. If imports are greater than exports, it is sometimes called an unfavourable balance of trade. If exports exceed imports, it is sometimes called a favourable balance of trade.

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Q:

Calculate the economic profit for a firm if its total revenues are Rs 180 crores, explicit costs are Rs 95 crores, and implicit costs are Rs 25 crores.

A) Rs 110 crores B) Rs 300 crores
C) Rs 60 crores D) Rs 250 crores
 
Answer & Explanation Answer: C) Rs 60 crores

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Q:

If hiring an extra worker increases a factory's output from 1000 to 1200 units per day, but the factory has to reduce the price of its product from Rs. 25 to Rs. 24 per unit to sell the additional output, the marginal revenue product of the last worker is

A) Rs. 3800 B) Rs. 200
C) Rs. 4000 D) Rs. 100
 
Answer & Explanation Answer: A) Rs. 3800

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Q:

This tax is entirely borne by the entity it is levied upon and cannot be passed.

A) Direct tax B) Indirect tax
C) Straight tax D) Advance tax
 
Answer & Explanation Answer: A) Direct tax

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Q:

Which one of the following is also regarded as Disguised unemployment?

A) Underemployment B) Frictional unemployment
C) Seasonal unemployment D) Cyclical unemployment
 
Answer & Explanation Answer: A) Underemployment

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