Q:

Calculate the economic profit for a firm if it's total revenues are Rs. 35 crores, explicit costs are Rs. 7 crores, and implicit costs are Rs. 10 crores.

A) Rs. 32 crores	B) Rs. 52 crores
C) Rs. 18 crores	D) Rs. 38 crores

Answer & Explanation Answer: C) Rs. 18 crores

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Filed Under: Indian Economy
Exam Prep: Bank Exams

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Q:

A minimum wage _____.

A) is the price floor below which workers may not sell their labor	B) is set at a price below the equilibrium wage
C) creates a price ceiling below which the wage cannot legally go	D) decreases unemployment

Answer & Explanation Answer: A) is the price floor below which workers may not sell their labor

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Q:

If an unintended increase in business inventories occurs

A) aggregate expenditures must exceed the domestic output	B) we can expect businesses to lower the level of production
C) we can expect aggregate production to be unaffected	D) we can expect businesses to increase the level of production

Answer & Explanation Answer: B) we can expect businesses to lower the level of production

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Q:

Which of the following is a nitrogen-fixing bacteria?

A) Salmonella	B) Rhizobium
C) E.coli	D) Pseudomonas

Answer & Explanation Answer: B) Rhizobium

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Filed Under: Biology
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Q:

The demand for a inferior good increases with ________ in the consumer's income.

A) increase	B) decrease
C) constant	D) double

Answer & Explanation Answer: B) decrease

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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:

In May 2017, the Base year of All-Indian WPI (Wholesale Price Index) has been revised from 2004-05 to ______.

A) 2010-11	B) 2015-16
C) 2011-12	D) 2016-17

Answer & Explanation Answer: C) 2011-12

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Q:

Which country hosted the Asian Women's Boxing Championship in 2017 when India's iconic boxer Mary Kom won gold?

A) Vietnam	B) China
C) Indonesia	D) Japan

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