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 Indian Economy Questions

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Q:

A negative supply shock in the short run causes

A) the aggregate supply curve to shift to the left B) unemployment to fall
C) the aggregate supply curve to shift to the right D) the price level to fall
 
Answer & Explanation Answer: A) the aggregate supply curve to shift to the left

Explanation:

A negative supply shock in the sho rt run causes the aggregate supply curve to shift to the left.

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Q:

The term 'Dumping' refers to

A) The sale of a sub­standard commodity B) Sale in a foreign market of a commodity at a price below marginal cost
C) Sale in a foreign market of a commodity just at marginal cost with too much of profit D) Smuggling of goods without paying any customs duty
 
Answer & Explanation Answer: B) Sale in a foreign market of a commodity at a price below marginal cost

Explanation:
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Q:

Increasing marginal cost of production explains

A) the income effect. B) why the supply curve is upsloping.
C) why the demand curve is downsloping D) the law of demand.
 
Answer & Explanation Answer: B) why the supply curve is upsloping.

Explanation:
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Q:

Microeconomics is concerned with issues such as

A) inflation B) interest rates
C) unemployment D) which job to take
 
Answer & Explanation Answer: C) unemployment

Explanation:
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Q:

Sales commissions are classified as

A) period costs B) indirect labor
C) overhead costs D) product costs
 
Answer & Explanation Answer: D) product costs

Explanation:
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Q:

Capitalism is an economic system in which

A) private entities own capital goods B) Public entities own capital goods
C) Both A & B D) None of the above
 
Answer & Explanation Answer: A) private entities own capital goods

Explanation:

Capitalism is an economic system in which private entities or businesses own capital goods.

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Q:

Most electric, gas, and water companies are examples of

A) restricted-input monopolies B) sunk-cost monopolies
C) natural monopolies D) unregulated monopolies
 
Answer & Explanation Answer: C) natural monopolies

Explanation:

Most electric, gas, and water companies are examples of natural monopolies. Utilities like water, electricity and gas are essential services that play a vital role in economic and social development.

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Q:

Fiscal policy is connected with

A) Public revenue & expenditure B) Exports and imports
C) Issue of currency D) Taxes
 
Answer & Explanation Answer: A) Public revenue & expenditure

Explanation:

Fiscal policy is connected with public revenue and expenditures. This policy is the use of government revenue collection to monitor the nation's economy.

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