Indian Economy Questions

Q:

­ Inflation exists when

A) there is general increase in the prices over time. B) there are periodic decreases in the price level.
C) there are continuous increases in the output level over time. D) there is rise in the purchasing value of money.
 
Answer & Explanation Answer: A) there is general increase in the prices over time.

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Q:

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

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

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Q:

The term 'Macro Economics' was used by __________

A) J.M. Keynes B) Ragner Frisch
C) Ragner Nurkse D) Prof. Knight
 
Answer & Explanation Answer: B) Ragner Frisch

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Q:

India has changed over to the decimal system of coinage in___________.

A) April, 1958 B) April, 1959
C) April, 1995 D) April, 1957
 
Answer & Explanation Answer: D) April, 1957

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Q:

The goal of expansionary fiscal policy is to increase

A) Unemployment B) The price level
C) Aggregate supply D) Real GDP
 
Answer & Explanation Answer: D) Real GDP

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Q:

The principles of internal control include

A) Maintain Records B) Segregate of Duties
C) Mandatory Employee Rotation D) All the above
 
Answer & Explanation Answer: D) All the above

Explanation:

The principles of internal control are the concepts management uses to establish the ways to protect company assets.


The main internal control principles include:

  • Establish Responsibilities
  • Maintain Records
  • Insure Assets by Bonding Key Employees
  • Segregate of Duties
  • Mandatory Employee Rotation
  • Split Related Party Responsibility
  • Use Technological Controls
  • Perform Regular Independent Reviews

 

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Q:

The public debt is the

A) total amount borrowed by the government of a country B) The funds raised for a cause in the country
C) the tax amount overall the country D) none
 
Answer & Explanation Answer: A) total amount borrowed by the government of a country

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Q:

In May 2017, the Base year of All-Indian WPI (Wholesale Price Index) has been revised from 2004-05 to ______.

A) 2010-11 B) 2015-16
C) 2011-12 D) 2016-17
 
Answer & Explanation Answer: C) 2011-12

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