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 Indian Economy Questions

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Q:

A price floor is _____.

A) a maximum legal price B) a minimum legal price
C) the price where demand equals supply D) the price where elasticity of demand equals elasticity of supply
 
Answer & Explanation Answer: B) a minimum legal price

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Q:

Insure payment of minimum wages for tea leave pickers

A) will improve quality of tea. B) will reduce unemployment of tea leave pickers.
C) decreases unemployment. D) will increase picking cost for all tea companies.
 
Answer & Explanation Answer: D) will increase picking cost for all tea companies.

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Q:

The collection of all possible combinations of the goods and services that can be produced from a given amount of resources and a given stock of technological knowledge is called the ____________ of the economy.

A) Resource Probability Set B) Production Probability Set
C) Resource Possibility Set D) Production Possibility Set
 
Answer & Explanation Answer: D) Production Possibility Set

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Q:

­ Inflation exists when

A) there is general increase in the prices over time. B) there are periodic decreases in the price level.
C) there are continuous increases in the output level over time. D) there is rise in the purchasing value of money.
 
Answer & Explanation Answer: A) there is general increase in the prices over time.

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Q:

In perfect competition _____.

A) Products can be similar or different B) Producer can control price by controlling production
C) Demand curve is perfectly elastic D) All firms make economic profit in the long run
 
Answer & Explanation Answer: C) Demand curve is perfectly elastic

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Q:

What is income available with a person after deducting for taxes called?

A) Disposable Income B) Cash Income
C) Salary D) General Income
 
Answer & Explanation Answer: A) Disposable Income

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Q:

In the last one decade, which one among the following sectors has attracted the highest foreign direct investment inflows into India?

A) Food processing B) Petro-chemical
C) Chemicals other than fertilizers D) Telecommunications
 
Answer & Explanation Answer: D) Telecommunications

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Q:

The ________ curve represents the demand of all consumers in the market taken together at different levels of the price of the good.

A) monotonic B) indifferent
C) market demand D) diminishing
 
Answer & Explanation Answer: C) market demand

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