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 Indian Economy Questions

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Q:

In calculating the GDP national income accountants

A) add increases in inventories or subtract decreases in inventories B) add exports, but subtract imports
C) Both A & B D) None of the above
 
Answer & Explanation Answer: A) add increases in inventories or subtract decreases in inventories

Explanation:
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Filed Under: Indian Economy
Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO

1 1975
Q:

Administered prices refer to

Answer

Administered prices are prices set by government or firms which are not determined by regular market forces. They do not vary in response to short-run fluctuations in demand and supply conditions.


Examples include price controls and rent controls.

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Subject: Indian Economy Exam Prep: AIEEE , Bank Exams , CAT , GATE
Job Role: Analyst , Bank Clerk , Bank PO

0 1972
Q:

Microeconomics is concerned with

A) The electronics industry B) The study of individual
C) The economy as a whole D) None of the above
 
Answer & Explanation Answer: B) The study of individual

Explanation:

Microeconomics is concerned with the study of individual firms, households, etc...

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Filed Under: Indian Economy
Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO

1 1971
Q:

Supply curves tend to be

A) more elastic in the long run, because there is time for firms to enter or leave the industry. B) less elastic in the long run, because there is time for firms to enter or leave an industry.
C) perfectly elastic in the long run, because consumer demand will have sufficient time to adjust fully to changes in supply. B. D) None of the above
 
Answer & Explanation Answer: A) more elastic in the long run, because there is time for firms to enter or leave the industry.

Explanation:

Supply curves tend to be more elastic in the long run, because there is time for firms to enter or leave the industry.

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Filed Under: Indian Economy
Exam Prep: AIEEE , Bank Exams , CAT , GATE
Job Role: Analyst , Bank Clerk , Bank PO

1 1966
Q:

A sales tax is a type of

A) aggressive B) regressive
C) both A & B D) None of the above
 
Answer & Explanation Answer: B) regressive

Explanation:

Sales tax is an additional amount of money you pay based on a percentage of the selling price of goods and services that are purchased.

 

For example, if you purchase a new laptop Rs. 40000 and live in an area where the sales tax is 6%, you would pay Rs.2400 in sales tax.

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Filed Under: Indian Economy
Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO

0 1965
Q:

A large underground economy results in an

A) Overstated GDP B) Understated GDP price index
C) Overstated GDP price index D) Understated GDP
 
Answer & Explanation Answer: D) Understated GDP

Explanation:
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Filed Under: Indian Economy
Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO

2 1955
Q:

Tennis rackets and ballpoint pens are

A) complementary goods B) independent goods
C) inferior goods D) substitute goods
 
Answer & Explanation Answer: B) independent goods

Explanation:

Tennis rackets and ballpoint pens are two independent goods. Since, one doesn't depend on the other.

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Filed Under: Indian Economy
Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO

0 1953
Q:

An improvement in technology would shift

A) the demand curve rightward B) the supply curve rightward
C) the supply curve leftward D) the demand curve leftward
 
Answer & Explanation Answer: B) the supply curve rightward

Explanation:

An improvement in technology would shift the supply curve rightward.

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Filed Under: Indian Economy
Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO

1 1948