Q:

In which of the following types of economy are the factors of production owned individually?

A) Capitalist	B) Socialist
C) Mixed	D) Both Capitalist and Socialist

Answer & Explanation Answer: A) Capitalist

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Q:

A manufacturer faces a -1.2 price elasticity of demand for its product. It is presently selling 7,500 units/day. If it wants to increase quantity sold by 9%, it must lower its price by

A) 7.5 percent	B) 7.8 percent
C) 10.2 percent	D) 10 percent

Answer & Explanation Answer: A) 7.5 percent

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Q:

The production possibilities curve illustrates the basic principle that

A) an economy's capacity to produce increases in proportion to its population size.	B) the production of more of any one good will in time require smaller and smaller sacrifices of other goods.
C) an economy will automatically seek that level of output at which all of its resources are employed.	D) if all the resources of an economy are in use, more of one good can be produced only if less of another good is produced.

Answer & Explanation Answer: D) if all the resources of an economy are in use, more of one good can be produced only if less of another good is produced.

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Q:

A ceramic pottery unit hires 8 craftsmen by paying each of them Rs 900 per day. The 9th craftsman demands Rs 950 per day. If this craftsman is hired then all other craftsmen must be paid Rs 950. The marginal resource (labour) cost of the 9th craftsman is _________.

A) Rs 1530	B) Rs 1050
C) Rs 50	D) Rs 1350

Answer & Explanation Answer: D) Rs 1350

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Q:

In which of the following is true for instruments of Monetary Policy?

A) Open market operations	B) Bank rate policy
C) Selective credit controls	D) All options are correct

Answer & Explanation Answer: D) All options are correct

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Q:

Which state of India produces the highest quantity of Jute?

A) Bihar	B) Odisha
C) West Bengal	D) Jharkhand

Answer & Explanation Answer: C) West Bengal

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Filed Under: Indian Geography
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Q:

Which of the following salts is acidic in nature?

A) Sodium Carbonate	B) Ammonium Phosphate
C) Magnesium Sulphate	D) Sadium Acetate

Answer & Explanation Answer: A) Sodium Carbonate

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Q:

Which part of the brain regulates breathing?

A) Cerebellum	B) Medulla
C) Fore-brain	D) Mid-brain

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