Questions

Q:

If at a price, market supply is greater than market demand, we say that there is ________ in the market at that price.

A) Equilibrium B) Excess Demand
C) Excess Supply D) Marginal Revenue
 
Answer & Explanation Answer: C) Excess Supply

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Q:

Which is the parameter for the economic development ?

A) Per capita monetary income B) National income
C) Per capita rural income D) Population
 
Answer & Explanation Answer: A) Per capita monetary income

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Q:

Goods for which demand move in the opposite direction of the income of the consumer are called?

A) Inferior goods B) Normal goods
C) Complementary goods D) Substitute goods
 
Answer & Explanation Answer: A) Inferior goods

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Q:

__________ of an input is defined as the change in output per unit of change in the input when all other inputs are held constant.

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

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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:

What is the full form of ASSOCHAM?

A) Associated Chambers of Commerce and Industry B) Association of Commerce
C) Associated Commerce D) Associated Chambers in India
 
Answer & Explanation Answer: A) Associated Chambers of Commerce and Industry

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Q:

Which Indian PSU has launched the country's first 100 Octane petrol?

A) HPCL B) IOC
C) ONGC D) GAIL
 
Answer & Explanation Answer: B) IOC

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Q:

The ancient Indian legal document 'Manusmriti' was written in ___.

A) Tamil B) Hindi
C) Sanskrit D) Bengali
 
Answer & Explanation Answer: C) Sanskrit

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