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Q:

In economics, the cost of something is

A) the dollar amount of obtaining it B) what you give up to get it
C) often impossible to quantify, even in principle D) always measured in units of time given up to get it

Answer:   B) what you give up to get it



Explanation:

In economics, the cost of something is what you give up to get it.

Subject: Indian Economy
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Q:

Economics deals primarily with the concept of

A) Poverty B) Money
C) Scarcity D) Banking
 
Answer & Explanation Answer: C) Scarcity

Explanation:

Economics_deals_primarily_with_the_concept_of1557729122.png image

 

Economics deals primarily with the concept of Scarcity and choice. Scarcity is the limited availability of a commodity, which may be in demand in the market. Scarcity also includes an individual's lack of resources to buy commodities.

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Q:

Economics is the study of how society manages its

A) Limited resources & limited wants B) Unlimited wants & unlimited resources
C) Limited wants & unlimited resources D) Limited resources & unlimited wants
 
Answer & Explanation Answer: C) Limited wants & unlimited resources

Explanation:

Economics is the study of how society manages its scarce resources i.e, Limited wants & unlimited resources.

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3 92
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:

Microeconomics deals with the

A) Behavior of industrial decision makers B) Allocation of resources of the economy as between production of different goods and services
C) Determination of prices of goods and services D) All of the above
 
Answer & Explanation Answer: D) All of the above

Explanation:

Microeconomics deals with the 

 

* Allocation of resources of the economy as between production of different goods and services.

* Determination of prices of goods and services.

* Behavior of industrial decision makers.

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Q:

If two goods are complements, then

A) the cross-price elasticity of demand will be positive B) an increase in the price of one good will increase demand for the other
C) the cross-price elasticity of demand will be negative D) both B & C
 
Answer & Explanation Answer: D) both B & C

Explanation:

In economics, If two goods are complements, then the cross elasticity of demand is negative. That means a good's demand is increased when the price of another good is decreased. Conversely, the demand for a good is decreased when the price of another good is increased. It is opposite of substitute goods. 

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Q:

Deficit financing implies

A) replacing new currency with worn out currency B) public revenue in excess of public expenditure
C) printing new currency notes D) public expenditure in excess of public revenue
 
Answer & Explanation Answer: D) public expenditure in excess of public revenue

Explanation:

Deficit financing implies public expenditure in excess of public revenue.

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Q:

Economic Survey of India is published by

A) Chief Economic Adviser B) Finance Ministry
C) Home Ministry D) External Affairs
 
Answer & Explanation Answer: B) Finance Ministry

Explanation:
  • The Department of Economic Affairs, Finance Ministry of India presents the Economic Survey in the parliament every year, just before the Union Budget.

 

  • It is prepared under the guidance of the Chief Economic Adviser, Finance Ministry.

 

  • It is the ministry's view on the annual economic development of the country.
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Q:

Which is the first payment bank in India?

A) Fino Payments Bank B) Airtel Payments Bank
C) Aditya Birla Payments Bank D) Paytm Payments Bank
 
Answer & Explanation Answer: B) Airtel Payments Bank

Explanation:

Airtel Payments Bank is the first payment bank in India. A payments bank is a new category of banks conceptualized by the Reserve Bank of India, which operates at a smaller scale than an actual bank and doesn't involve any credit risk. It can carry out most banking operations but can't advance loans or issue credit cards.

 


The RBI as of date has given licences to 11 payments bank of which six are currently operational. These include

  1. Aditya Birla Payments Bank,
  2. Airtel Payments Bank,
  3. India Post Payments Bank,
  4. Fino Payments Bank,
  5. Jio Payments Bank (and)
  6. Paytm Payments Bank.
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