Indian Economy Questions

Q:

The demand curve facing a perfectly competitive firm is

A) downward sloping B) perfectly inelastic
C) a concave curve D) perfectly elastic
 
Answer & Explanation Answer: D) perfectly elastic

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Q:

Which would most likely increase aggregate supply?

A) A decrease in net exports B) A decrease in business subsidies
C) An increase in productivity D) An increase in the prices of imported products
 
Answer & Explanation Answer: D) An increase in the prices of imported products

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Q:

As it relates to international trade, dumping

A) is the practice of selling goods in a foreign market at less than cost. B) is a form of price discrimination illegal under U.S. antitrust laws.
C) is defined as selling more goods than allowed by an import quota. D) constitutes a general case for permanent tariffs.
 
Answer & Explanation Answer: A) is the practice of selling goods in a foreign market at less than cost.

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Q:

In which of the following market forms, a firm does not exercise control over price?

A) Monopoly B) Perfect competition
C) Oligopoly D) Monopolistic competition
 
Answer & Explanation Answer: B) Perfect competition

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Q:

Which of the following gulf countries has announced to form new economic and partnership group named 'Joint Cooperation Committee' inDecember 2017?

A) UAE and Saudi Arabia B) Qatar and UAE
C) Bahrain and Kuwait D) Oman and Saudi Arabia
 
Answer & Explanation Answer: A) UAE and Saudi Arabia

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Q:

Expenses are recognized when

A) they are paid. B) they contribute to the production of revenue.
C) the invoice is received. D) they are billed by the supplier.
 
Answer & Explanation Answer: B) they contribute to the production of revenue.

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Q:

HDI is an aggregate measure of progress in which of the three dimensions?

A) Health, Education, Income B) Food Security, Employment, Income
C) Agriculture, Industry, Services D) Height, Weight, Colour
 
Answer & Explanation Answer: A) Health, Education, Income

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Q:

If an unintended increase in business inventories occurs

A) aggregate expenditures must exceed the domestic output B) we can expect businesses to lower the level of production
C) we can expect aggregate production to be unaffected D) we can expect businesses to increase the level of production
 
Answer & Explanation Answer: B) we can expect businesses to lower the level of production

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