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 Indian Economy Questions

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Q:

If one more baker is hired the output of a bakery will increase from 1250 breads to 1400 breads per day, but then the bakery will have to reduce the price of the bread from Rs 15 to Rs 14 per unit to sell the additional output, the marginal revenue product of the last baker is _______.

A) Rs 850 B) Rs 150
C) Rs 1960 D) Rs 1875
 
Answer & Explanation Answer: A) Rs 850

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Q:

If goods A and Z are complements, an increase in the price of good Z will _____.

A) increase demand for good A B) decrease demand for good A
C) decrease demand for good Z D) increase demand for good Z
 
Answer & Explanation Answer: B) decrease demand for good A

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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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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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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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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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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

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Q:

When was Consumer Protection Act (COPRA) passed?

A) 1984 B) 1980
C) 1986 D) 1995
 
Answer & Explanation Answer: C) 1986

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