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 Indian Economy Questions

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Q:

Microeconomics is concerned with

A) The electronics industry B) The study of individual
C) The economy as a whole D) None of the above
 
Answer & Explanation Answer: B) The study of individual

Explanation:

Microeconomics is concerned with the study of individual firms, households, etc...

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Q:

Globalization has the largest effect on

A) Politics B) Economy
C) Employment D) Business
 
Answer & Explanation Answer: B) Economy

Explanation:

Globalization has the largest effect on the economies. Globalisation is the process of interaction and integration between people, companies, and governments worldwide.

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Q:

The largest expenditure component of GDP is

A) Consumption B) Net exports
C) Government spending D) Investments
 
Answer & Explanation Answer: A) Consumption

Explanation:
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Q:

A sales tax is a type of

A) aggressive B) regressive
C) both A & B D) None of the above
 
Answer & Explanation Answer: B) regressive

Explanation:

Sales tax is an additional amount of money you pay based on a percentage of the selling price of goods and services that are purchased.

 

For example, if you purchase a new laptop Rs. 40000 and live in an area where the sales tax is 6%, you would pay Rs.2400 in sales tax.

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Q:

Value added can be determined by

Answer

Value added is determined by the difference between the price of product or service and the cost of producing it.


 


Added Value = Price that the product or service is sold at - cost of producing the product.

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Subject: Indian Economy Exam Prep: AIEEE , Bank Exams , CAT
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Q:

Which of the following statements about taxes is false?

A) Some states don’t collect income tax B) Taxes at the local, state and federal level are all equal
C) Taxes are collected at the local, state and federal level D) Some states don’t collect sales tax
 
Answer & Explanation Answer: A) Some states don’t collect income tax

Explanation:
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Q:

In calculating the GDP national income accountants

A) add increases in inventories or subtract decreases in inventories B) add exports, but subtract imports
C) Both A & B D) None of the above
 
Answer & Explanation Answer: A) add increases in inventories or subtract decreases in inventories

Explanation:
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Q:

Tennis rackets and ballpoint pens are

A) complementary goods B) independent goods
C) inferior goods D) substitute goods
 
Answer & Explanation Answer: B) independent goods

Explanation:

Tennis rackets and ballpoint pens are two independent goods. Since, one doesn't depend on the other.

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