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 Indian Economy Questions

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Q:

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

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

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Q:

What is a bank rate?

A) Rate at which Central bank of a country advances loans to other banks in the country B) Rate at which banks advance loans to the customers
C) Rate at which banks lend among themselves D) Rate at which banks lend to money lenders
 
Answer & Explanation Answer: A) Rate at which Central bank of a country advances loans to other banks in the country

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Q:

Which answer figure will complete the pattern?

A) X B) W
C) V D) U
 
Answer & Explanation Answer: D) U

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Q:

The market for sugar is in equilibrium. If the supply of sugar increases, the equilibrium price of sugar will ________ and the equilibrium quantity will _________.

A) increase; increase B) decrease; decrease
C) increase; decrease D) decrease; increase
 
Answer & Explanation Answer: D) decrease; increase

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Q:

In general, elasticity is a measure of

A) how firms' profits respond to changes in market prices.  B) the extent to which advances in technology are adopted by producers.
C) how much buyers and sellers respond to changes in market conditions. D) the extent to which a market is competitive. 
 
Answer & Explanation Answer: C) how much buyers and sellers respond to changes in market conditions.

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Q:

A price floor is _____.

A) a maximum legal price B) a minimum legal price
C) the price where demand equals supply D) the price where elasticity of demand equals elasticity of supply
 
Answer & Explanation Answer: B) a minimum legal price

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Q:

Full employment is the level at which there is _____.

A) no frictional unemployment B) no cyclical unemployment
C) no structural unemployment D) no unemployment
 
Answer & Explanation Answer: B) no cyclical unemployment

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Q:

A minimum wage _____.

A) is the price floor below which workers may not sell their labor B) is set at a price below the equilibrium wage
C) creates a price ceiling below which the wage cannot legally go D) decreases unemployment
 
Answer & Explanation Answer: A) is the price floor below which workers may not sell their labor

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