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 Indian Economy Questions

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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:

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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Q:

Which of following sectors does NOT come under tertiary sector?

 

A) Electricity B) Business Services
C) Transport D) Trade
 
Answer & Explanation Answer: A) Electricity

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Q:

Which of these is the best description of fixed expenses?

 

A) Insurance B) Payment on loans
C) Rent D) All the above
 
Answer & Explanation Answer: D) All the above

Explanation:

Fixed expenses are those expenses that do not change when there is a change in production or sales level.

 

Examples of Fixed Expenses are rent, insurance, payment on loans, salaries, advertising, etc...

 

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Q:

In which of the following fields was Prof. Richard H. Thaler awarded the Nobel Prize 2017?

 

A) Physics B) Chemistry
C) Literature D) Economics
 
Answer & Explanation Answer: D) Economics

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Q:

The agricultural price support program is an example of ___________.

 

A) a price ceiling B) a price floor
C) equilibrium pricing D) No option is correct
 
Answer & Explanation Answer: B) a price floor

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Q:

What information does a supply schedule provide

 

A) It shows the supply for a product at various prices B) It shows the supply for different products at different prices
C) It shows the supply for a product at a single price point D) None of the above
 
Answer & Explanation Answer: A) It shows the supply for a product at various prices

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