760+ Indian Economy Quiz Questions and Answers with Explanation

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:

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:

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:

Medium term loans are provided for a period of _____.

A) 1 year to 2 years	B) 15 months to 3 years
C) 15 months to 4 years	D) 1 year to 3 years

Answer & Explanation Answer: D) 1 year to 3 years

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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:

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:

The second Green Revolution aims at increasing agricultural output to promote

A) Availability of easy credit to big farmers	B) Co-operative farming
C) Inclusive growth	D) Development of rural sector

Answer & Explanation Answer: C) Inclusive growth

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Q:

Micro-economics is also called __________

A) Profit theory	B) Loss theory
C) Price theory	D) Expenditure theory

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