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 Indian Economy Questions

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Q:

Transport comes under which sector of economic growth?

A) Secondary sector B) Primary sector
C) Tertiary sector D) Quaternary sector
 
Answer & Explanation Answer: C) Tertiary sector

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Q:

If demand curve for house cleaning services is D = 45000 - 21P and supply curve is S = 15000 + 9P, find the equilibrium Quantity?

A) 12000 units B) 6000 units
C) 24000 units D) 30000 units
 
Answer & Explanation Answer: C) 24000 units

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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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Q:

If for a perfectly competitive firm, price is Rs. 60, output is 300 units, average variable costs are Rs. 18, and average total costs are Rs. 36. The firm's profits are equal to

A) Rs. 5400 B) Rs. 3600
C) Rs. 7200 D) Rs. 1800
 
Answer & Explanation Answer: C) Rs. 7200

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Q:

Microeconomics deals with the

A) Behavior of industrial decision makers B) Allocation of resources of the economy as between production of different goods and services
C) Determination of prices of goods and services D) All of the above
 
Answer & Explanation Answer: D) All of the above

Explanation:

Microeconomics deals with the 

 

* Allocation of resources of the economy as between production of different goods and services.

* Determination of prices of goods and services.

* Behavior of industrial decision makers.

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Q:

Micro-economics is also called __________

A) Profit theory B) Loss theory
C) Price theory D) Expenditure theory
 
Answer & Explanation Answer: C) Price theory

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Q:

Inflation is a situation characterised by

A) Too much money chasing too few goods B) Too few money chasing too much goods
C) Too many people chasing too few goods D) Too many people chasing too little money
 
Answer & Explanation Answer: A) Too much money chasing too few goods

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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
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