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 Indian Economy Questions

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Q:

Which of the following best describes monetary policy?

A) Managing the economy by controlling the money supply B) Determining the design printed on the national currency
C) Regulating transactions in the currency exchange market D) Raising and lowering the foreign exchange rate
 
Answer & Explanation Answer: A) Managing the economy by controlling the money supply

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Q:

If quantity of good X demanded increases from 2300 to 2700 when price of good Y increases from Rs. 45 to Rs. 55, find Arc Cross elasticity of demand?

A) 4 B) 1.25
C) 0.25 D) 0.8
 
Answer & Explanation Answer: D) 0.8

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Q:

Calculate the accounting profits for a firm, if its economic profits for the year are Rs 60 crores, total implicit costs are Rs 18.5 crores and total explicit costs are Rs 35 crores

A) Rs 113.5 crores B) Rs 43.5 crores
C) Rs 76.5 crores D) Rs 78.5 crores
 
Answer & Explanation Answer: D) Rs 78.5 crores

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Q:

Time period of Annual Plans was ___________.

A) 1990-1992 B) 1987-1990
C) 1992-1994 D) No option is correct
 
Answer & Explanation Answer: A) 1990-1992

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Q:

The account receivable turnover measures

A) How often, on average receivables are received and collected during the period B) How long it takes to sell accounts receivable to a factor
C) The relation of cash sales to credit sales D) How long it takes to sell merchandise inventory
 
Answer & Explanation Answer: A) How often, on average receivables are received and collected during the period

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Q:

When the demand for a good increases with an increase in income, such a good is called_______

A) Superior good B) Giffin good
C) Inferior good D) Normal good
 
Answer & Explanation Answer: A) Superior good

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Q:

Bilateral monopoly situation is

A) when there are only two sellers of a product B) when there are only two buyers of a product
C) when there is only one buyer and one seller of a product D) when there are two buyers and two sellers of a product
 
Answer & Explanation Answer: C) when there is only one buyer and one seller of a product

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Q:

The demand curve _____.

A) shows that as the price of a good increases, demand for the good will increase B) shows that as the price of a good increases, demand for the good will decrease
C) has a positive gradient D) indicates that there is a direct relationship between quantity demanded and price
 
Answer & Explanation Answer: B) shows that as the price of a good increases, demand for the good will decrease

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