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 Indian Economy Questions

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Q:

Micro-economics is also called __________

A) Profit theory B) Loss theory
C) Price theory D) Expenditure theory
 
Answer & Explanation Answer: C) Price theory

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Q:

The second Green Revolution aims at increasing agricultural output to promote

A) Availability of easy credit to big farmers B) Co-operative farming
C) Inclusive growth D) Development of rural sector
 
Answer & Explanation Answer: C) Inclusive growth

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Q:

Capitalism falls under _ economic system?

A) Market B) Planned
C) Command D) Mixed
 
Answer & Explanation Answer: A) Market

Explanation:

Capitalism is an economic system in which private individuals or businesses own capital goods i.e, economy is characterized by private ownership of the means of production. The production of goods and services is based on supply and demand in the general market known as a market economy and not on central planning known as a planned economy.

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Q:

Unemployment that arises when there is a general downturn in business activity is known as

A) Structural unemployment B) Frictional unemployment
C) Cyclical unemployment D) Disguised unemployment
 
Answer & Explanation Answer: C) Cyclical unemployment

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Q:

Microeconomics deals with the

A) Behavior of industrial decision makers B) Allocation of resources of the economy as between production of different goods and services
C) Determination of prices of goods and services D) All of the above
 
Answer & Explanation Answer: D) All of the above

Explanation:

Microeconomics deals with the 

 

* Allocation of resources of the economy as between production of different goods and services.

* Determination of prices of goods and services.

* Behavior of industrial decision makers.

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1 1096
Q:

The demand of a commodity is a direct demand but the demand of a factor of production is called a

A) Crossed demand B) Joint demand
C) Derived demand D) Independent demand
 
Answer & Explanation Answer: C) Derived demand

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Q:

If one more baker is hired the output of a bakery will increase from 1250 breads to 1400 breads per day, but then the bakery will have to reduce the price of the bread from Rs 15 to Rs 14 per unit to sell the additional output, the marginal revenue product of the last baker is _______.

A) Rs 850 B) Rs 150
C) Rs 1960 D) Rs 1875
 
Answer & Explanation Answer: A) Rs 850

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Q:

The concept of joint sector implies cooperation between

A) Public sector and private sector industries B) State Government and Central Government
C) Domestic and Foreign Companies D) None of these
 
Answer & Explanation Answer: A) Public sector and private sector industries

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