Indian Economy Questions

Q:

Which of the following tax systems will help to reduce economic inequalities in India?

A) Regressive Tax B) Progressive Tax
C) Flat rate tax D) None of these
 
Answer & Explanation Answer: B) Progressive Tax

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Q:

According to the report by the Commerce Ministry ‘Logistics Ease Across Different States (LEADS)’, which of the following state has topped the Logistic Index Chart?

A) Maharashtra B) Andhra Pradesh
C) Gujarat D) Karnataka
 
Answer & Explanation Answer: C) Gujarat

Explanation:

According to the report by the Commerce Ministry ‘Logistics Ease Across Different States (LEADS)’, Gujarat has topped the Logistic Index Chart, an indicator of the efficiency of logistics services necessary for promoting exports in particular, and economic growth in general. Gujarat is followed by Punjab, Andhra Pradesh, Karnataka and Maharashtra on the index.

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Q:

If price of an article decreases from Rs. 12 to Rs. 10, quantity demanded increases from 1000 units to 1400 units. Find point elasticity of demand?

A) 2.4 B) -2
C) -2.4 D) 2
 
Answer & Explanation Answer: C) -2.4

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Q:

If demand curve for house cleaning services is D = 45000 - 21P and supply curve is S = 15000 + 9P, find the equilibrium Quantity?

A) 12000 units B) 6000 units
C) 24000 units D) 30000 units
 
Answer & Explanation Answer: C) 24000 units

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Q:

Transport comes under which sector of economic growth?

A) Secondary sector B) Primary sector
C) Tertiary sector D) Quaternary sector
 
Answer & Explanation Answer: C) Tertiary sector

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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:

The concept of joint sector implies cooperation between

A) Public sector and private sector industries B) State Government and Central Government
C) Domestic and Foreign Companies D) None of these
 
Answer & Explanation Answer: A) Public sector and private sector industries

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