Questions

Q:

Which country, in January 2018 broke India's monopoly in providing Internet access to Nepal by becoming country's second Internet service provider?

 

A) South Korea B) China
C) Japan D) Indonesia
 
Answer & Explanation Answer: B) China

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Q:

Which State in India has the highest forest cover?

A) Kerala B) Madhya Pradesh
C) Maharashtra D) Bihar
 
Answer & Explanation Answer: B) Madhya Pradesh

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Q:

The collection of all possible combinations of the goods and services that can be produced from a given amount of resources and a given stock of technological knowledge is called the ____________ of the economy.

A) Resource Probability Set B) Production Probability Set
C) Resource Possibility Set D) Production Possibility Set
 
Answer & Explanation Answer: D) Production Possibility Set

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Filed Under: Indian Economy
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Q:

For a price taking firm, average revenue is ______ market price.

A) half of B) equal to
C) double of D) less than
 
Answer & Explanation Answer: B) equal to

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Q:

In economic equilibrium _____

A) supply is equal to the demand. B) the surplus is larger than the shortage.
C) elasticity of demand equals elasticity of supply D) price elasticity of demand is unity
 
Answer & Explanation Answer: A) supply is equal to the demand.

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Q:

A manufacturer faces price elasticity of demand of a ­1.25 for its product. If it lowers its price by 6.4%, the increase in quantity sold will be _____.

A) 5.15 percent B) 7.65 percent
C) 8 percent D) 5.12 percent
 
Answer & Explanation Answer: C) 8 percent

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Q:

If the average total cost are Rs 2400, average variable cost is Rs 1700 and quantity produced is 75 units, find the total fixed costs of the firm?

A) Rs 52500 B) Rs 127500
C) Rs 180000 D) Rs 60000
 
Answer & Explanation Answer: A) Rs 52500

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Q:

What is income available with a person after deducting for taxes called?

A) Disposable Income B) Cash Income
C) Salary D) General Income
 
Answer & Explanation Answer: A) Disposable Income

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