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 Indian Economy Questions

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Q:

If price of an article decreases from Rs. 12 to Rs. 10, quantity demanded increases from 1000 units to 1400 units. Find point elasticity of demand?

A) 2.4 B) -2
C) -2.4 D) 2
 
Answer & Explanation Answer: C) -2.4

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Exam Prep: AIEEE , Bank Exams , CAT

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Q:

The second Green Revolution aims at increasing agricultural output to promote

A) Availability of easy credit to big farmers B) Co-operative farming
C) Inclusive growth D) Development of rural sector
 
Answer & Explanation Answer: C) Inclusive growth

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Q:

Which one of the following is not an instrument of credit control in India?

A) Rationing of credit B) Direct Action
C) Open Market operations D) Variable cost reserve ratios
 
Answer & Explanation Answer: D) Variable cost reserve ratios

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Q:

Economic costs of production differ from accounting costs in that

Answer

Economic costs add the opportunity costs of a firm using its own resources while accounting costs do not.

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

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Q:

Graphical analysis of tariffs reveals that

A) they benefit domestic consumers at the expense of domestic producers. B) revenue gains outweigh the costs to domestic consumers.
C) they increase domestic production of the good for which imports face tariffs. D) although the benefits are not shared equally, everyone in the domestic economy benefits from tariffs
 
Answer & Explanation Answer: C) they increase domestic production of the good for which imports face tariffs.

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Q:

Medium term loans are provided for a period of _____.

A) 1 year to 2 years B) 15 months to 3 years
C) 15 months to 4 years D) 1 year to 3 years
 
Answer & Explanation Answer: D) 1 year to 3 years

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Q:

One of the following is 'Labour' in Economics.

A) A Musician performing for a benefit fund B) A Painter working for his own pleasure
C) Reading a book as a hobby D) A Mother teaching her own son
 
Answer & Explanation Answer: A) A Musician performing for a benefit fund

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Q:

Amartya Sen was awarded the Nobel Prize for his contribution to 

A) Monetary Economics B) Welfare Economics
C) Environmental Economics D) Development Economics
 
Answer & Explanation Answer: B) Welfare Economics

Explanation:

Amartya   Sen,   Indian   economist who  was  awarded  the  1998  Nobel Prize  in  Economic  Sciences  for  his contributions  to  welfare  economics and social choice theory and for his interest    in    the    problems    of society's poorest members

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