760+ Indian Economy Quiz Questions and Answers with Explanation

Q:

The production possibilities curve illustrates the basic principle that

A) an economy's capacity to produce increases in proportion to its population size.	B) the production of more of any one good will in time require smaller and smaller sacrifices of other goods.
C) an economy will automatically seek that level of output at which all of its resources are employed.	D) if all the resources of an economy are in use, more of one good can be produced only if less of another good is produced.

Answer & Explanation Answer: D) if all the resources of an economy are in use, more of one good can be produced only if less of another good is produced.

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Q:

__________ resources are those resources whose quantity is known.

A) Natural resources	B) Actual resources
C) Potential resources	D) Abiotic resources

Answer & Explanation Answer: B) Actual resources

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Q:

A bank statement provided by the bank includes

A) The beginning and the ending balance of the depositor's account	B) A list of outstanding check
C) A list of pretty cash amounts	D) A listing of deposits in transit

Answer & Explanation Answer: A) The beginning and the ending balance of the depositor's account

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Q:

Deindustrialisation means

A) uprooting of people from agriculture and planting them in industries	B) uprooting of people from agriculture and planting them in industries
C) a deliberate effort to compel the existing industries to shut down	D) a deliberate effort to promote the new industries

Answer & Explanation Answer: B) uprooting of people from agriculture and planting them in industries

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Q:

As per Economic survey 2017-18, the percentage contribution of the services sector to India's GDP will be in the range of

A) Between 40-50%	B) Greater than 50%
C) Less than 30%	D) Between 30-40%

Answer & Explanation Answer: B) Greater than 50%

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Q:

Which of the following sets of taxes belongs to Central Government?

A) Excise duty, Sales tax and Custom duty	B) Income tax, Custom duty and House tax
C) Excise duty, Custom duty and Income tax	D) Custom duty, Entertainment tax and Income tax

Answer & Explanation Answer: C) Excise duty, Custom duty and Income tax

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Q:

For a price taking firm, average revenue is ______ market price.

A) half of	B) equal to
C) double of	D) less than

Answer & Explanation Answer: B) equal to

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Q:

A ceramic pottery unit hires 8 craftsmen by paying each of them Rs 900 per day. The 9th craftsman demands Rs 950 per day. If this craftsman is hired then all other craftsmen must be paid Rs 950. The marginal resource (labour) cost of the 9th craftsman is _________.

A) Rs 1530	B) Rs 1050
C) Rs 50	D) Rs 1350

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