Q:

Calculate the accounting profits for a firm, if its economic profits for the year are Rs 60 crores, total implicit costs are Rs 18.5 crores and total explicit costs are Rs 35 crores

A) Rs 113.5 crores	B) Rs 43.5 crores
C) Rs 76.5 crores	D) Rs 78.5 crores

Answer & Explanation Answer: D) Rs 78.5 crores

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Q:

If tea companies start using mechanised tea leave pickers

A) more people would want to work as tea leave pickers	B) unemployment of tea leave pickers will decrease
C) more tea will be produced per acre	D) then wages for manual tea leave pickers will fall

Answer & Explanation Answer: D) then wages for manual tea leave pickers will fall

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Q:

In India, which of the following is regulated by the Forward Markets Commission?

A) Currency Futures Trading	B) Commodities Futures Trading
C) Equity Futures Trading	D) Both Commodities Futures and Financial Futures Trading

Answer & Explanation Answer: B) Commodities Futures Trading

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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:

This tax is entirely borne by the entity it is levied upon and cannot be passed.

A) Direct tax	B) Indirect tax
C) Straight tax	D) Advance tax

Answer & Explanation Answer: A) Direct tax

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Q:

Which of the following is NOT included in general methodology while assessing the national income?

A) Pension	B) Investment Expenditure
C) Value added	D) Consumption Expenditure

Answer & Explanation Answer: A) Pension

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Q:

The consumption schedule is such that

A) the MPC and the APC must be equal at all levels of income.	B) the APC is constant and the MPC declines as income rises.
C) both the APC and the MPC increase as income rises.	D) the MPC is constant and the APC declines as income rises.

Answer & Explanation Answer: D) the MPC is constant and the APC declines as income rises.

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Q:

Which of the following regions has the highest potential for wind energy?

A) The Deccan Plateau	B) Gangetic planes
C) Western Ghats	D) The Himalayas

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