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 Indian Economy Questions

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Q:

Under GST regime, in ‘Composition Scheme’, taxpayers have to fill returns ______.

A) Monthly B) Half-yearly
C) Quarterly D) Bi-Monthly
 
Answer & Explanation Answer: C) Quarterly

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Q:

In a market system, the central problems regarding how much and what to produce are solved through the coordination of economic activities brought about by ________ signals.

A) Supply B) Demand
C) Price D) Stock Market
 
Answer & Explanation Answer: C) Price

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Q:

India has stated it aims to reduce the emissions intensity of its GDP by 33-35% by 2030 from 2005 levels and achieve _______________ of its cumulative electric power of around 350GW installed capacity from non-fossil fuel-based energy resources, mainly renewable power. 

A) 20% B) 40%
C) 50% D) 30%
 
Answer & Explanation Answer: B) 40%

Explanation:

India has said it aims to reduce the emissions intensity of its GDP by 33-35% by 2030 from 2005 levels and achieve 40% of its cumulative electric power of around 350GW installed capacity from non-fossil fuelbased energy resources, mainly renewable power. The statement comes ahead of the UN Framework Convention on Climate Change (UNFCCC) to be held in Paris in December 2015, where countries would try to forge a new global climate agreement based on “climate justice" and principles of equity and common but differentiated responsibilities and respective capabilities.

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Q:

A hand made paper workshop can hire 8 craftsmen by paying them Rs 400 per person per day. The 9th craftsman demands Rs 450 per day. If this craftsman is hired then all other craftsmen must be paid Rs 450. The marginal resource (labour) cost of the 9th craftsman is

A) Rs 50 B) Rs 850
C) Rs 800 D) Rs 100
 
Answer & Explanation Answer: B) Rs 850

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Q:

The number of days' sales uncollected is calculated by

A) Dividing accounts receivable by net sales and multiplying by 365. B) Dividing net sales by accounts receivable and multiplying by 365.
C) Dividing accounts receivable by net sales. D) Dividing net sales by accounts receivable.
 
Answer & Explanation Answer: A) Dividing accounts receivable by net sales and multiplying by 365.

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Q:

What is an octroi ?

A) Tax B) Tax collection centre
C) Tax processing centre D) Tax information centre
 
Answer & Explanation Answer: A) Tax

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Q:

If price of an article decreases from Rs. 25 to Rs. 20, quantity demanded increases from Q1 units to 1500 units. If point elasticity of demand is -1.25, find Q1?

A) 900 units B) 1200 units
C) 1800 units D) 2000 units
 
Answer & Explanation Answer: B) 1200 units

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Q:

Which law states that bad money drives good money out of circulation?

A) Wagner's law B) Grimm's law
C) Gresham's law D) Keynes' law
 
Answer & Explanation Answer: C) Gresham's law

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