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 Indian Economy Questions

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Q:

A company faces a -2.5 price elasticity of demand for its product. It is presently selling 10,000 units/month. If it wants to increase quantity sold by 6%, it must lower its price by

A) 3.50% B) 15%
C) 2.50% D) 2.40%
 
Answer & Explanation Answer: D) 2.40%

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Q:

National Income of India is compiled by

A) Finance Commission B) Indian Statistical Institute
C) National Development Council D) Central Statistical Organization
 
Answer & Explanation Answer: D) Central Statistical Organization

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Q:

Lowering of value of currency relative to a foreign reference currency is called _________.

A) Devaluation B) Revaluation
C) Down valuation D) Negative valuation
 
Answer & Explanation Answer: A) Devaluation

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Q:

What does indifference curve represent?

A) Levels of Income and Capital B) Satisfaction derived from two goods
C) Income from two businesses D) Relationship between expenditure and savings
 
Answer & Explanation Answer: B) Satisfaction derived from two goods

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Q:

In which of the following market forms a firm does not exercise control over price?

A) Mixed Competition B) Monopoly
C) Oligopoly D) Perfect Competition
 
Answer & Explanation Answer: D) Perfect Competition

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Q:

In perfect competition a firm maximizes profit by _____.

A) setting price such that price is equal to or greater than its marginal costs B) setting output such that price equals average total costs
C) setting output such that price equals marginal costs D) setting price so that it is greater than marginal cost
 
Answer & Explanation Answer: C) setting output such that price equals marginal costs

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Q:

According to the law of diminishing marginal utility, as the amount of a good consumed increases, the marginal utility of that good tends to 

A) improve B) diminish
C) remain constant D) first diminish and then improve
 
Answer & Explanation Answer: B) diminish

Explanation:

Economists use the concept of marginal utility to measure happiness and pleasure and how that affects consumer decision making. They have also identified the law of diminishing marginal utility, which means that the first unit of consumption of a good or service has more utility than the next units of consumption.Hence, the marginal utility of the good diminishes as the amount of good consumed increases.

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Q:

The main effect of Direct Taxes is on

A) Food prices B) Consumer goods
C) Capital goods D) Income
 
Answer & Explanation Answer: D) Income

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