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 Indian Economy Questions

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Q:

Transport comes under which sector of economic growth?

A) Secondary sector B) Primary sector
C) Tertiary sector D) Quaternary sector
 
Answer & Explanation Answer: C) Tertiary sector

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Q:

Which of the following is represented by 'Lorenz Curve'?

A) Employment B) Inflation
C) Deflation D) Income Distribution
 
Answer & Explanation Answer: D) Income Distribution

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Q:

What is the slowdown in the rate of increase of prices of goods & services in National GDP over time called?

A) Deflation B) Disinflation
C) Inflation D) Reflation
 
Answer & Explanation Answer: B) Disinflation

Explanation:

In the rate ofinflation, disinflation is a decrease –in a nation'sgross domestic productover time, a slowdown in the rate of increase of the generalprice levelof goods and services. It is the opposite ofreflation. When the increase in the “consumer price level” it occurs disinflation and slows down from the previous period when the prices were rising.

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Q:

If price of an article decreases from Rs. 12 to Rs. 10, quantity demanded increases from 1000 units to 1400 units. Find point elasticity of demand?

A) 2.4 B) -2
C) -2.4 D) 2
 
Answer & Explanation Answer: C) -2.4

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Q:

If demand curve for house cleaning services is D = 45000 - 21P and supply curve is S = 15000 + 9P, find the equilibrium Quantity?

A) 12000 units B) 6000 units
C) 24000 units D) 30000 units
 
Answer & Explanation Answer: C) 24000 units

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Q:

India was ranked at which place among emerging economies on Inclusive Development Index (IDI-2018) released by World Economic Forum (WEF)?

 

A) 26th B) 47th
C) 62nd D) 81st
 
Answer & Explanation Answer: C) 62nd

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Q:

Which formula correctly describes productivity?

A) Output/Input B) (Output - Input)/Output
C) Input/Output D) (Input - Output)/Input
 
Answer & Explanation Answer: A) Output/Input

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Q:

If for a perfectly competitive firm, price is Rs. 60, output is 300 units, average variable costs are Rs. 18, and average total costs are Rs. 36. The firm's profits are equal to

A) Rs. 5400 B) Rs. 3600
C) Rs. 7200 D) Rs. 1800
 
Answer & Explanation Answer: C) Rs. 7200

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