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 Indian Economy Questions

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Q:

Sudden decrease of birth rate would cause___________.

A) increase in per capita income B) increase in investment
C) increase in savings D) increase in loan requests
 
Answer & Explanation Answer: A) increase in per capita income

Explanation:
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Q:

Economic resources are also called

Answer

Economic resources include land, labour, capital and entrepreneurship. 


Entrepreneurship is also considered an economic resource because individuals are responsible for creating businesses and moving economic resources in the business environment.


 


These economic resources are also called as Factors of production.


 

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Q:

Which property would be classified as expendable?

A) Food given to Army B) Cement
C) Paint D) All of the above
 
Answer & Explanation Answer: D) All of the above

Explanation:

Expendable properties are those properties that are consume in use or that lose their identity in use. It also include those properties that become an integral part of other property when put to use and those properties which have an expected service life of less than one year.

 

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Q:

GDP tends to overstate economic well-being because it takes into account

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Q:

Income taxes are allocated to

A) discontinued operations B) prior period adjustments
C) extraordinary items D) All the above
 
Answer & Explanation Answer: D) All the above

Explanation:

Income taxes are allocated to extraordinary items, discontinued operations and prior period adjustments.

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Q:

The law of demand states that other things equal

A) as the price increases, the quantity demanded will decrease. B) as the price increases, the quantity demanded will increase.
C) as the price decreases, the demand curve will shift to the right. D) as the price increases, the demand will decrease.
 
Answer & Explanation Answer: A) as the price increases, the quantity demanded will decrease.

Explanation:
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Q:

Assessing opportunity cost involves

A) choosing consequences over profits B) maximizing profit and loss
C) making choices and dealing with consequences D) Both B & C
 
Answer & Explanation Answer: C) making choices and dealing with consequences

Explanation:

Assessing opportunity cost involves making choices and dealing with consequences.

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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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