Questions

Q:

Lorenz curve shows

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

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Q:

The market for sugar is in equilibrium. If the supply of sugar increases, the equilibrium price of sugar will ________ and the equilibrium quantity will _________.

A) increase; increase B) decrease; decrease
C) increase; decrease D) decrease; increase
 
Answer & Explanation Answer: D) decrease; increase

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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:

An increase in the growth rate of the nominal money supply results in

A) Lower rate of inflation B) Higher rate of inflation
C) Lower interest rates D) Currency appreciation
 
Answer & Explanation Answer: B) Higher rate of inflation

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Q:

Calculate the economic profit for a firm if its total revenues are Rs 180 crores, explicit costs are Rs 95 crores, and implicit costs are Rs 25 crores.

A) Rs 110 crores B) Rs 300 crores
C) Rs 60 crores D) Rs 250 crores
 
Answer & Explanation Answer: C) Rs 60 crores

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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:

Acacia arabica is the scientific name of

A) Neem B) Teak
C) Babhul D) Pomegranate
 
Answer & Explanation Answer: C) Babhul

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Q:

The price of a chair is Rs. 500. It has been sold at two succesive discounts of 10% each. What is its selling price?

A) Rs. 400 B) Rs. 405
C) Rs. 415 D) Rs. 425
 
Answer & Explanation Answer: B) Rs. 405

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