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 Indian Economy Questions

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Q:

The rate of inflation increases when the purchasing powerof money___________ .

A) Decreases B) Increases
C) Stable D) Decrease just half
 
Answer & Explanation Answer: A) Decreases

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Q:

An economic system combining private and state enterprise is called as _____

A) Market economy B) Centrally planned economy
C) Private economy D) Mixed economy
 
Answer & Explanation Answer: D) Mixed economy

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Q:

Which among the following is not a direct tax?

A) Income tax B) Wealth tax
C) Corporate tax D) None of these
 
Answer & Explanation Answer: D) None of these

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Q:

The modern economy is NOT characterized by ___________.

A) self-sufficient village system B) development of money economy
C) capital intensive mode of production D) production for market
 
Answer & Explanation Answer: A) self-sufficient village system

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Q:

If price of an article decreases from Rs P1 to Rs 190, when quantity demanded increases from 5000 units to 5200 units, and if point elasticity of demand is -0.8 find P1?

A) Rs 220 B) Rs 240
C) Rs 200 D) Rs 250
 
Answer & Explanation Answer: C) Rs 200

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Q:

Income and consumption are ___________.

A) directly related B) partially related
C) inversely related D) unrelated
 
Answer & Explanation Answer: A) directly related

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Q:

When some goods or productive factors are completely fixed in amount, regardless of price, the supply curve is

A) horizontal B) downward sloping to the right
C) vertical D) upward sloping to the right
 
Answer & Explanation Answer: D) upward sloping to the right

Explanation:

Although demand curves are typically downward sloping to reflect that consumers’ utility for a good diminishes with increased consumption, firm supply curves are generally upward sloping.The upward sloping character reflects that firms will be willing to increase production in response to a higher market price because the higher price may make additional production profitable.

 

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Q:

What does indifference curve represent?

A) Levels of Income and Capital B) Satisfaction derived from two goods
C) Income from two businesses D) Relationship between expenditure and savings
 
Answer & Explanation Answer: B) Satisfaction derived from two goods

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