Indian Economy Questions

Q:

The purpose of land reforms was to achieve ___________.

 

A) increase in production B) increase the purchasing power of the rural population
C) ensure distributive justice with economic growth D) All options are correct
 
Answer & Explanation Answer: D) All options are correct

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Q:

What does cyclical unemployment mean?

 

A) Unemployment during recessionary phase of trade cycle B) Disguised unemployment
C) Seasonal unemployment D) Voluntary unemployment
 
Answer & Explanation Answer: A) Unemployment during recessionary phase of trade cycle

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Q:

Visible and invisible items of debit and credit are the part of___________.

 

A) import-export policy B) balance of payment
C) balance of trade D) annual budget
 
Answer & Explanation Answer: B) balance of payment

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Q:

In an economy , the sectors are classified into public and private on the basis of

A) employment conditions B) nature of economic activities
C) ownership of enterprises D) use of raw materials
 
Answer & Explanation Answer: C) ownership of enterprises

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Q:

Match the characteristics with their market structure:

(a) Differentiated products, but close substitutes for consumers so their demand curves are elastic.
(b) Firm will tend to set output so that it earns maximum profits.

A) (a) Pure competition, (b) Pure Monopoly B) (a) Monopolistic competition, (b) Oligopoly
C) (a) Oligopoly, (b) Pure Monopoly D) (a) Monopolistic competition, (b) Pure Monopoly
 
Answer & Explanation Answer: D) (a) Monopolistic competition, (b) Pure Monopoly

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Q:

The first Census in India during the British period was held during the tenure of

A) Lord Dufferin B) Lord Lytton
C) Lord Mayo D) Lord Ripon
 
Answer & Explanation Answer: C) Lord Mayo

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Q:

In which of the following fields was Prof. Richard H. Thaler awarded the Nobel Prize 2017?

 

A) Physics B) Chemistry
C) Literature D) Economics
 
Answer & Explanation Answer: D) Economics

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Q:

Match the characteristics with their market structure:

(a) demand will tend to be inelastic
(b) Firm has control over quantity of output but it must take into account reactions of competitors

 

A) (a) Pure Monopoly, (b) Oligopoly B) (a) Pure Monopoly, (b) Monopolistic Competition
C) (a) Pure Competition, (b) Oligopoly D) (a) Monopolistic Competition, (b) Pure Competition
 
Answer & Explanation Answer: A) (a) Pure Monopoly, (b) Oligopoly

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