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 Indian Economy Questions

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Q:

Capitalism falls under _ economic system?

A) Market B) Planned
C) Command D) Mixed
 
Answer & Explanation Answer: A) Market

Explanation:

Capitalism is an economic system in which private individuals or businesses own capital goods i.e, economy is characterized by private ownership of the means of production. The production of goods and services is based on supply and demand in the general market known as a market economy and not on central planning known as a planned economy.

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5 1535
Q:

A recurring theme in economics is that people:

A) Can increase resources by limiting their economic wants B) Have unlimited resources, but limited economic wants
C) Have unlimited economic wants, but limited resources D) Have limited economic wants and limited resources
 
Answer & Explanation Answer: C) Have unlimited economic wants, but limited resources

Explanation:
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1 1523
Q:

The demand of a commodity is a direct demand but the demand of a factor of production is called a

A) Crossed demand B) Joint demand
C) Derived demand D) Independent demand
 
Answer & Explanation Answer: C) Derived demand

Explanation:
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0 1522
Q:

Match the characteristics with their market structure:
(a) Price > MC in both short and long run
(b) Faces highly elastic demand

A) (a) Monopolistic competition, (b) Pure competition B) (a) Pure Monopoly, (b) Monopolistic competition
C) (a) Pure competition, (b) Monopolistic competition D) (a) Oligopoly, (b) Pure competition
 
Answer & Explanation Answer: B) (a) Pure Monopoly, (b) Monopolistic competition

Explanation:
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2 1513
Q:

Sectoral distribution of GDP index measures_________

A) Agriculture development of a country B) Economic development of a country
C) Social development of a country D) Socio­Economic development of a country
 
Answer & Explanation Answer: B) Economic development of a country

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0 1494
Q:

If price of an article decreases from Rs P1 to Rs 190, when quantity demanded increases from 5000 units to 5200 units, and if point elasticity of demand is -0.8 find P1?

A) Rs 220 B) Rs 240
C) Rs 200 D) Rs 250
 
Answer & Explanation Answer: C) Rs 200

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0 1492
Q:

The rate of inflation increases when the purchasing powerof money___________ .

A) Decreases B) Increases
C) Stable D) Decrease just half
 
Answer & Explanation Answer: A) Decreases

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0 1483
Q:

The modern economy is NOT characterized by ___________.

A) self-sufficient village system B) development of money economy
C) capital intensive mode of production D) production for market
 
Answer & Explanation Answer: A) self-sufficient village system

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