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Q:

Macroeconomics is the study of

A) behavior of economy B) performance of economy
C) changes in economy D) All of the above

Answer:   D) All of the above



Explanation:

Macroeconomics is the study of overall aggregate changes, behavior and performance of the economy of the country i.e, unemployment, GDP, inflation, etc...

Subject: Indian Economy
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Q:

Economic costs of production differ from accounting costs in that

Answer

Economic costs add the opportunity costs of a firm using its own resources while accounting costs do not.

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Q:

A sales tax is a type of

A) aggressive B) regressive
C) both A & B D) None of the above
 
Answer & Explanation Answer: B) regressive

Explanation:

Sales tax is an additional amount of money you pay based on a percentage of the selling price of goods and services that are purchased.

 

For example, if you purchase a new laptop Rs. 40000 and live in an area where the sales tax is 6%, you would pay Rs.2400 in sales tax.

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0 52
Q:

The foreign purchases effect

A) shifts the aggregate demand curve leftward B) moves the economy along a fixed aggregate demand curve
C) shifts the aggregate demand curve rightward D) shifts the aggregate supply curve rightward
 
Answer & Explanation Answer: B) moves the economy along a fixed aggregate demand curve

Explanation:
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0 55
Q:

A large underground economy results in an

A) Understated GDP price index B) Understated GDP
C) Overstated GDP D) Overstated GDP price index
 
Answer & Explanation Answer: C) Overstated GDP

Explanation:

A large underground economy results in an Overstated GDP. The underground economy is also called as Black market. It refers to illegal economic activity. Transactions in the underground economy are illegal either because the good or service being traded is illegal or because an otherwise licit transaction does not comply with government reporting requirements.

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1 74
Q:

Employment in agriculture comes under

A) organised sector B) service sector
C) unorganised sector D) semi organised sector
 
Answer & Explanation Answer: B) service sector

Explanation:
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Q:

The greater is the marginal propensity to consume, the

A) lower is the price level B) smaller is the marginal propensity to save
C) lower is the average propensity to consume D) higher is the interest rate
 
Answer & Explanation Answer: B) smaller is the marginal propensity to save

Explanation:
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0 88
Q:

Which taxes are included in GST?

A) Taxes on lottery B) Sales/VAT tax
C) Both A & B D) None of the above
 
Answer & Explanation Answer: C) Both A & B

Explanation:
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1 67
Q:

Who is known as the father of Indian Economics?

A) Gopal Krishna Gokhale B) Bal Gangadhar Tilak
C) Adam Smith D) M G Ranade
 
Answer & Explanation Answer: C) Adam Smith

Explanation:

Mahadev Govind Ranade is known as the father of Indian Economics. M G Ranade advocated social reforms such as widow re-marriage, liberation of women & emancipation of the oppressed classes.

He was Known to be the mentor & political guru of Gopal Krishna Gokhale & Bal Gangadhar Tilak.

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