760+ Indian Economy Quiz Questions and Answers with Explanation

Q:

The second Green Revolution aims at increasing agricultural output to promote

A) Availability of easy credit to big farmers	B) Co-operative farming
C) Inclusive growth	D) Development of rural sector

Answer & Explanation Answer: C) Inclusive growth

Explanation:

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Q:

If price of an article decreases from Rs. 12 to Rs. 10, quantity demanded increases from 1000 units to 1400 units. Find point elasticity of demand?

A) 2.4	B) -2
C) -2.4	D) 2

Answer & Explanation Answer: C) -2.4

Explanation:

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Q:

Economic costs of production differ from accounting costs in that

Answer

Economic costs add the opportunity costs of a firm using its own resources while accounting costs do not.

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Q:

Medium term loans are provided for a period of _____.

A) 1 year to 2 years	B) 15 months to 3 years
C) 15 months to 4 years	D) 1 year to 3 years

Answer & Explanation Answer: D) 1 year to 3 years

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Q:

Revenue should be recognized when

A) the service is performed	B) the customer charges an order
C) cash is received	D) the customer places an order

Answer & Explanation Answer: A) the service is performed

Explanation:

Revenue should be recognized when it is realized or when it is earned. When a service is performed something is earned and revenue should be recognized.

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Q:

One of the following is 'Labour' in Economics.

A) A Musician performing for a benefit fund	B) A Painter working for his own pleasure
C) Reading a book as a hobby	D) A Mother teaching her own son

Answer & Explanation Answer: A) A Musician performing for a benefit fund

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Q:

Graphical analysis of tariffs reveals that

A) they benefit domestic consumers at the expense of domestic producers.	B) revenue gains outweigh the costs to domestic consumers.
C) they increase domestic production of the good for which imports face tariffs.	D) although the benefits are not shared equally, everyone in the domestic economy benefits from tariffs

Answer & Explanation Answer: C) they increase domestic production of the good for which imports face tariffs.

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Q:

Which of the following is represented by 'Lorenz Curve'?

A) Employment	B) Inflation
C) Deflation	D) Income Distribution

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