Indian Economy Questions

Q:

A decline in disposable income means

Answer

Disposable income is the amount of money that households have available for spending and saving after income taxes have been accounted for.


A decline in disposable income means a movement down along an economy's consumption schedule.

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Q:

The foreign purchases effect

A) shifts the aggregate demand curve leftward B) moves the economy along a fixed aggregate demand curve
C) shifts the aggregate demand curve rightward D) shifts the aggregate supply curve rightward
 
Answer & Explanation Answer: B) moves the economy along a fixed aggregate demand curve

Explanation:
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Q:

Globalization has the largest effect on

A) Politics B) Economy
C) Employment D) Business
 
Answer & Explanation Answer: B) Economy

Explanation:

Globalization has the largest effect on the economies. Globalisation is the process of interaction and integration between people, companies, and governments worldwide.

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Q:

A large underground economy results in an

A) Overstated GDP B) Understated GDP price index
C) Overstated GDP price index D) Understated GDP
 
Answer & Explanation Answer: D) Understated GDP

Explanation:
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Q:

National income accountants can avoid multiple counting by

A) subtracting NDP from GDP B) add exports, but subtract imports
C) only counting final goods D) None of the above
 
Answer & Explanation Answer: C) only counting final goods

Explanation:
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Q:

Short term contractions and expansions in economic activity are called ______________

A) Expansions B) Recession
C) Deficits D) The business cycle
 
Answer & Explanation Answer: D) The business cycle

Explanation:
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Q:

The law of supply indicates that other things equal

A) producers will offer more of a product at high prices than at low prices B) the quantity supplied of the good rises
C) the quantity supplied of the good rises D) producers will offer more of a product at high prices than at low prices
 
Answer & Explanation Answer: A) producers will offer more of a product at high prices than at low prices

Explanation:
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Q:

The federal government debt is equal to the

A) sum of past budget deficits minus the sum of past budget surpluses B) annual difference between federal government tax revenues and outlays
C) obligations of benefits from federal taxes and expenditures D) sum of all annual federal government outlays
 
Answer & Explanation Answer: A) sum of past budget deficits minus the sum of past budget surpluses

Explanation:

The federal government debt is equal to the sum of past budget deficits minus the sum of past budget surpluses.

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