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 Indian Economy Questions

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Q:

If for a perfectly competitive firm, price is Rs. 60, output is 300 units, average variable costs are Rs. 18, and average total costs are Rs. 36. The firm's profits are equal to

A) Rs. 5400 B) Rs. 3600
C) Rs. 7200 D) Rs. 1800
 
Answer & Explanation Answer: C) Rs. 7200

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Q:

Unemployment that arises when there is a general downturn in business activity is known as

A) Structural unemployment B) Frictional unemployment
C) Cyclical unemployment D) Disguised unemployment
 
Answer & Explanation Answer: C) Cyclical unemployment

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Q:

Economic costs of production differ from accounting costs in that

Answer

Economic costs add the opportunity costs of a firm using its own resources while accounting costs do not.

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Subject: Indian Economy Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO

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Q:

Which formula correctly describes productivity?

A) Output/Input B) (Output - Input)/Output
C) Input/Output D) (Input - Output)/Input
 
Answer & Explanation Answer: A) Output/Input

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Q:

What is the slowdown in the rate of increase of prices of goods & services in National GDP over time called?

A) Deflation B) Disinflation
C) Inflation D) Reflation
 
Answer & Explanation Answer: B) Disinflation

Explanation:

In the rate ofinflation, disinflation is a decrease –in a nation'sgross domestic productover time, a slowdown in the rate of increase of the generalprice levelof goods and services. It is the opposite ofreflation. When the increase in the “consumer price level” it occurs disinflation and slows down from the previous period when the prices were rising.

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Q:

If a budget is defeated in the legislature of a state then

A) The Finance Minister alone has to resign B) The Finance Minister concerned has to be suspended
C) The council of Ministers along with the Chief Minister has to resign D) Re­election have to be ordered
 
Answer & Explanation Answer: C) The council of Ministers along with the Chief Minister has to resign

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Q:

Inflation is a situation characterised by

A) Too much money chasing too few goods B) Too few money chasing too much goods
C) Too many people chasing too few goods D) Too many people chasing too little money
 
Answer & Explanation Answer: A) Too much money chasing too few goods

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Q:

Micro-economics is also called __________

A) Profit theory B) Loss theory
C) Price theory D) Expenditure theory
 
Answer & Explanation Answer: C) Price theory

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