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 Indian Economy Questions

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Q:

Tennis rackets and ballpoint pens are

A) complementary goods B) independent goods
C) inferior goods D) substitute goods
 
Answer & Explanation Answer: B) independent goods

Explanation:

Tennis rackets and ballpoint pens are two independent goods. Since, one doesn't depend on the other.

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Q:

Supply curves tend to be

A) more elastic in the long run, because there is time for firms to enter or leave the industry. B) less elastic in the long run, because there is time for firms to enter or leave an industry.
C) perfectly elastic in the long run, because consumer demand will have sufficient time to adjust fully to changes in supply. B. D) None of the above
 
Answer & Explanation Answer: A) more elastic in the long run, because there is time for firms to enter or leave the industry.

Explanation:

Supply curves tend to be more elastic in the long run, because there is time for firms to enter or leave the industry.

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1 1581
Q:

Microeconomics is the study of

A) Decisions of individual firms B) Decisions of individual households
C) Decisions of individual consumers D) All of the above
 
Answer & Explanation Answer: D) All of the above

Explanation:

Microeconomics is the branch or subset of economics that deals with the study of Decisions of individual firms, households and consumers.

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Q:

The largest expenditure component of GDP is

A) Consumption B) Net exports
C) Government spending D) Investments
 
Answer & Explanation Answer: A) Consumption

Explanation:
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1 1579
Q:

An improvement in technology would shift

A) the demand curve rightward B) the supply curve rightward
C) the supply curve leftward D) the demand curve leftward
 
Answer & Explanation Answer: B) the supply curve rightward

Explanation:

An improvement in technology would shift the supply curve rightward.

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1 1576
Q:

Money spent on government programs is referred to as

A) Revenue B) Obligation
C) Expenditure D) Bonding
 
Answer & Explanation Answer: C) Expenditure

Explanation:

Money spent by the government on government programs such as road work, electricity work, manhole, etc... that are aiming to contribute to the nation's social welfare in long and short term are referred to as Goverment Expenditures.

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3 1559
Q:

Through specialization and international trade, a nation

A) will attain some combination of goods lying inside its production possibilities curve B) will shift its production possibilities curve towards left
C) can attain some combination of goods lying outside its production possibilities curve D) will shift its production possibilities curve towards right
 
Answer & Explanation Answer: C) can attain some combination of goods lying outside its production possibilities curve

Explanation:
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Q:

In economics, the cost of something is

A) the dollar amount of obtaining it B) what you give up to get it
C) often impossible to quantify, even in principle D) always measured in units of time given up to get it
 
Answer & Explanation Answer: B) what you give up to get it

Explanation:

In economics, the cost of something is what you give up to get it.

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