Indian Economy Questions

Q:

If demand curve for racing cycles is D = 80200 ­ 13P and supply curve is S = 6200 + 12P, What is the equilibrium Quantity?

A) 2960 units B) 31220 units
C) 8750 units D) 41720 units
 
Answer & Explanation Answer: D) 41720 units

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Q:

Liabilities are generally classified on a balance sheet as

A) small liabilities and large liabilities B) present liabilities and future liabilities
C) tangible liabilities and intagible liabilities D) current liabilities and long-term liabilities
 
Answer & Explanation Answer: D) current liabilities and long-term liabilities

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Q:

The 14th Finance Commission has recommended increase in States share in net proceeds from tax collection from 32% to

A) 35% B) 40%
C) 42% D) 45%
 
Answer & Explanation Answer: C) 42%

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Q:

"Residex Index" is associated with which of these?

A) Share Prices B) Mutual Fund Prices
C) Price Inflation Index D) Housing Prices
 
Answer & Explanation Answer: D) Housing Prices

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Q:

In economics secondary effects refer to the

A)  best alternative that must be forgone as the result of a choice. B) immediate and visible intended consequences of a change.
C) impact of the scarcity of resources on the scarcity of the goods that are produced with those resources. D) unintended consequences of a change that are not immediately identifiable but are felt only with time.
 
Answer & Explanation Answer: B) immediate and visible intended consequences of a change.

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Q:

The demand for a normal good increases with ________ in the consumer's income.

A) increase B) decrease
C) constant D) double
 
Answer & Explanation Answer: A) increase

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Q:

The _________ of a firm is a relationship between inputs used and output produced by the firm.

A) Marginal product B) Production function
C) Total product D) Average product
 
Answer & Explanation Answer: B) Production function

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Q:

The change in the optimal quantity of a good when its price changes and the consumer’s income is adjusted so that she can just buy the bundle that she was buying before the price change is called?

A) Law of demand B) Substitution effect
C) Problem of choice D) Optimal choice
 
Answer & Explanation Answer: B) Substitution effect

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