Indian Economy Questions

Q:

__________ is defined as the output per unit of variable input

A) Marginal product B) Production function
C) Total product D) Average product
 
Answer & Explanation Answer: D) Average product

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Q:

Rate of the growth of an economy is measured in terms of

A) National income B) Monthly family income
C) Number of people who have been lifted above the poverty line D) Industrial Development
 
Answer & Explanation Answer: A) National income

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Q:

Which answer figure will complete the pattern?

A) X B) W
C) V D) U
 
Answer & Explanation Answer: D) U

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Q:

Backward bending supply curve belongs to which market?

A) Capital B) Labour
C) Money D) Inventories
 
Answer & Explanation Answer: C) Money

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Q:

As per the data released by the Income­Tax Department in December 2017, how much percent of total population paid income tax in the assessment year 2015­16?

A) 1.7 B) 5.7
C) 9.7 D) 11.7
 
Answer & Explanation Answer: A) 1.7

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Q:

Who is the only Indian economist to have won the Nobel prize?

A) Avinash Dixit B) Amit Mishra
C) Amartya Sen D) Abhijit Banerjee
 
Answer & Explanation Answer: C) Amartya Sen

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Q:

In December 2017, Mid-Term Review of the Foreign Trade Policy (FTP) was released. The review announced how much percent increase each in incentive rates of
Merchandise Exports from India Scheme and Services Export from India Scheme?

A) 5% B) 10%
C) 2% D) 15%
 
Answer & Explanation Answer: C) 2%

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Q:

If price of an article decreases from Rs 80 to Rs 60, quantity demanded increases from 600 units to 750 units. Find point elasticity of demand?

A) -1 B) 1
C) -1.25 D) 1.25
 
Answer & Explanation Answer: A) -1

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