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 Indian Economy Questions

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Q:

Match the characteristics with their market structure:

(a) Differentiated products, but close substitutes for consumers so their demand curves are elastic.
(b) Firm will tend to set output so that it earns maximum profits.

A) (a) Pure competition, (b) Pure Monopoly B) (a) Monopolistic competition, (b) Oligopoly
C) (a) Oligopoly, (b) Pure Monopoly D) (a) Monopolistic competition, (b) Pure Monopoly
 
Answer & Explanation Answer: D) (a) Monopolistic competition, (b) Pure Monopoly

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Q:

What is poverty gap?

 

A) the difference between poverty line and actual income level of all those living below that line B) gap between developed and developing nations
C) gap between the rich and the poor D) gap between infrastructural facilities in developed and developing nations  
 
Answer & Explanation Answer: A) the difference between poverty line and actual income level of all those living below that line

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Q:

Match the characteristics with their market structure:

(a) demand will tend to be inelastic
(b) Firm has control over quantity of output but it must take into account reactions of competitors

 

A) (a) Pure Monopoly, (b) Oligopoly B) (a) Pure Monopoly, (b) Monopolistic Competition
C) (a) Pure Competition, (b) Oligopoly D) (a) Monopolistic Competition, (b) Pure Competition
 
Answer & Explanation Answer: A) (a) Pure Monopoly, (b) Oligopoly

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Q:

Which of the following policies of the financial sectors is basically designed to transfer local financial assets into foreign financial assets freely and at market determined exchange rates?

A) Capital Account Convertibility B) Financial Deficit Management
C) Mimimum Support Price D) Restrictive Trade Practices
 
Answer & Explanation Answer: A) Capital Account Convertibility

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Q:

Visible and invisible items of debit and credit are the part of___________.

 

A) import-export policy B) balance of payment
C) balance of trade D) annual budget
 
Answer & Explanation Answer: B) balance of payment

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Q:

What does cyclical unemployment mean?

 

A) Unemployment during recessionary phase of trade cycle B) Disguised unemployment
C) Seasonal unemployment D) Voluntary unemployment
 
Answer & Explanation Answer: A) Unemployment during recessionary phase of trade cycle

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Q:

The purpose of land reforms was to achieve ___________.

 

A) increase in production B) increase the purchasing power of the rural population
C) ensure distributive justice with economic growth D) All options are correct
 
Answer & Explanation Answer: D) All options are correct

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Q:

Which of the following is a characteristic of the monopolistic competition?

 

A) A large number of firms compete B) Each firm produces a differentiated product
C) Both answers A and B are correct D) Barriers to entry
 
Answer & Explanation Answer: C) Both answers A and B are correct

Explanation:

A large number of firms compete and Each firm produces a differentiated product is a characteristic of the market structure for monopolistic competition.

 

 

 

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