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 Indian Economy Questions

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Q:

A pure market economy is sometimes called pure

A) Capitalism B) Stocking
C) Sharing D) Socialism
 
Answer & Explanation Answer: A) Capitalism

Explanation:
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Q:

Mutual Funds are regulated in India by

A) SEBI B) RBI
C) RBI & SEBI both D) Stock Exchanges
 
Answer & Explanation Answer: A) SEBI

Explanation:

Mutual Funds are regulated in India by SEBI (Securities and Exchange Board of India). It was founded in 1992. In 1996, SEBI formulated the Mutual Fund Regulation.

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Q:

Supply curves tend to be

A) more elastic in the long run, because there is time for firms to enter or leave the industry. B) less elastic in the long run, because there is time for firms to enter or leave an industry.
C) perfectly elastic in the long run, because consumer demand will have sufficient time to adjust fully to changes in supply. B. D) None of the above
 
Answer & Explanation Answer: A) more elastic in the long run, because there is time for firms to enter or leave the industry.

Explanation:

Supply curves tend to be more elastic in the long run, because there is time for firms to enter or leave the industry.

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1 2217
Q:

The most important determinant of consumer spending is

A) consumer expectations B) the level of income
C) the level of household borrowing D) the stock of wealth
 
Answer & Explanation Answer: B) the level of income

Explanation:

The most important determinant of consumer spending is the level of income.

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1 2214
Q:

A large underground economy results in an

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

Explanation:
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Q:

Which tax uses the same rate for all income levels?

A) Income tax B) Proportional tax
C) Both A & B D) Service tax
 
Answer & Explanation Answer: B) Proportional tax

Explanation:

Tax that uses the same rate for all income levels is proportional tax.

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Q:

If intermediate goods and services were included in GDP

A) the price level may change over time. B) the GDP would be overstated.
C) the price level rose by more than nominal GDP. D) All of the above
 
Answer & Explanation Answer: B) the GDP would be overstated.

Explanation:
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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 & Explanation Answer: B) what you give up to get it

Explanation:

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

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