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 Indian Economy Questions

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Q:

Which of the following best defines free trade?

A) Imports are discouraged B) There are no restrictions on exports and imports  
C) There are no duties levied on export   D) Imported goods are made duty free  
 
Answer & Explanation Answer: B) There are no restrictions on exports and imports  

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Q:

A good measure of the standard of living is

A) SGP B) GDP
C) Percapita income D) None
 
Answer & Explanation Answer: B) GDP

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Q:

In April 2017, Agriculture Ministry Unveiled Model APMC Act. The new Act proposes to put a Cap on Mandi taxes at what rate (in percent) for food grain?

A) 5 B) 1
C) 2.5 D) 8
 
Answer & Explanation Answer: B) 1

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Q:

As per the announcement by the government in August 2017, Banks importing gold and precious metals will have to pay ______ tax under the GST.

 

A) 5%   B) 10%  
C) 3%   D) 8%
 
Answer & Explanation Answer: C) 3%  

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Q:

In October 2017, Insolvency and Bankruptcy Board of India (IBBI) relaxed norms for information utilities. Listed Indian companies can now hold ______ of the paid-up equity share capital or total voting power rights in such firms.

 

A) 80% B) 90%
C) 100% D) 50%
 
Answer & Explanation Answer: C) 100%

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Q:

Which of the following best defines disposable income?

A) income received by households less personal taxes B) the before-tax income received by households
C) all income earned by resource suppliers for their current contributions to production D) the market value of the annual output net of consumption of fixed capital
 
Answer & Explanation Answer: A) income received by households less personal taxes

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Q:

Reema wants to buy a certain designer party dress. The shop is offering a discount of 20% on that dress which is marked at Rs 5000. If Reema was willing to pay even Rs 7000 for that dress, Reema's consumer surplus is

A) Rs 3000 B) Rs 2000
C) Rs 1000 D) Rs 7000
 
Answer & Explanation Answer: A) Rs 3000

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Q:

An exculpatory clause is generally unenforceable when

A) it involves public transportation. B) it attempts to release a party from liability for ordinarily negligent behavior.
C) it is written clearly and in bold, large print. D) the affected activity is a recreational activity.
 
Answer & Explanation Answer: A) it involves public transportation.

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