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 Indian Economy Questions

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Q:

Which of the following CANNOT be called a Debt instrument as referred in financial transactions?

A) Certificate of Deposits B) Bonds
C) Stocks D) Commercial Papers
 
Answer & Explanation Answer: C) Stocks

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Q:

The change in the optimal quantity of a good when its price changes and the consumer’s income is adjusted so that she can just buy the bundle that she was buying before the price change is called?

A) Law of demand B) Substitution effect
C) Problem of choice D) Optimal choice
 
Answer & Explanation Answer: B) Substitution effect

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Q:

The word development in economics pertains to

A) democratic countries B) third world countries
C) advanced countries D) undeveloped countries
 
Answer & Explanation Answer: B) third world countries

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Q:

Which one of the following statements is not correct?

A) When total utility is maximum, marginal utility is zero B) When total utility is decreasing, marginal utility is negative
C) When total utility is increasing, marginal utility is positive D) When total utility is maximum,marginal and average utility are equal to each other.
 
Answer & Explanation Answer: D) When total utility is maximum,marginal and average utility are equal to each other.

Explanation:

Total utility -It is total psychological satisfaction which a consumer derives from the consumption of a commodity is known as total utility

Marginal utility -It is anaddition made in total utility by consuming and additional unit of a commodity is known as marginal utility.

•When marginal utility is positive,total utility increases

•When marginal utility is zero,total utility is at maximum

•When marginal utility is negative,total utility decreases

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Q:

What situation would result if Government expenditure exceeds the Government revenue on Current Account?

A) Deficit budgeting B) Zero­based budgeting
C) Performance­based budgeting D) Surplus budgeting
 
Answer & Explanation Answer: A) Deficit budgeting

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Q:

This tax is entirely borne by the entity it is levied upon and cannot be passed.

A) Direct tax B) Indirect tax
C) Straight tax D) Advance tax
 
Answer & Explanation Answer: A) Direct tax

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Q:

The Law of Demand is based on the concept that people _______.

A) buy more of a good as their income increases. B) buy more of a good as the price of the good falls.
C) will spend all of their money on something. D) want more of everything even if they have no money to buy anything.
 
Answer & Explanation Answer: B) buy more of a good as the price of the good falls.

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Q:

Lorenz curve shows

A) Inflation B) Unemployment
C) Income distribution D) Poverty
 
Answer & Explanation Answer: C) Income distribution

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