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 Indian Economy Questions

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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:

The scarcity definition of economics is credited to

A) Dennis Robertson B) Lionel Robbins
C) Alfred Marshall D) Adam Smith
 
Answer & Explanation Answer: B) Lionel Robbins

Explanation:

The scarcity definition of economics is credited to Lionel Robbins.

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Q:

The demand curve shows the relationship between

A) good price and the service B) quantity demanded and the price of the good
C) quality and quantity of the good D) quality and price of the good
 
Answer & Explanation Answer: B) quantity demanded and the price of the good

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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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Q:

The law of supply indicates that, other things equal

A) sellers will offer more of a product at low prices than at high prices. B) buyers will purchase less of a good at high prices than at low prices.
C) Sellers will offer more of a product at high prices than at low prices. D) the product supply curve is downward sloping.
 
Answer & Explanation Answer: C) Sellers will offer more of a product at high prices than at low prices.

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.

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Q:

A decrease in the price level will

A) result in a movement downward along the aggregate demand curve B) shift the aggregate demand curve to the right
C) result in a movement upward along the aggregate demand curve D) shift the aggregate demand curve to the left
 
Answer & Explanation Answer: A) result in a movement downward along the aggregate demand curve

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1 1542
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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