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 Indian Economy Questions

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Q:

If price of an article decreases from Rs P1 to Rs 75, quantity demanded increases from 1000 units to 1200 units. If point elasticity of demand is ­3.2 findmP1?

A) Rs 85 B) Rs 80
C) D) Rs 95
 
Answer & Explanation Answer: B) Rs 80

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Q:

The marginal propensity to consume lies between ____________.

A) 0 to Infinity B) 0 to 1
C) 1 to Infinity D) 0 to 10
 
Answer & Explanation Answer: B) 0 to 1

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Q:

The latest information about agriculture markets is collected and published by the ___________.

A) Food Corporation of India B) Directorate of Economics and Statistics
C) National Council of Applied Economic Research D) Indian Statistical Institute
 
Answer & Explanation Answer: B) Directorate of Economics and Statistics

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Q:

"Forests" is listed in the __________ list given in the Seventh Schedule in the Constitution of India.

A) Union B) State
C) Global D) Concurrent
 
Answer & Explanation Answer: D) Concurrent

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Q:

 Government has announced to fix MSP at a level of at least ________________ per cent of the cost of production for kharif crops 2018-19 which redeems the promise made in the Union Budget for 2018-19. 

A) 50 per cent  B) 250 per cent 
C) 200 per cent  D) 100 per cent 
 
Answer & Explanation Answer:

Explanation:

Government has announced its historic decision on 04.07.2018 to fix MSP at a level of at least 150 per cent of the cost of production for kharif crops 2018-19 which redeems the promise made in the Union Budget for 2018-19.The MSPs fixed by Government, cost and returns over all-India weighted average cost of production of crops for 2017-18 and 2018-19 is at Annexure.Cost of production varies in different states on account of difference in levels of irrigation, resource endowment, farm mechanization, land holding size, yield of crops etc. 

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Q:

Goods whose demand is proportional to price are called

A) inferior goods B) Veblen goods
C) normal goods D) exclusive goods
 
Answer & Explanation Answer: B) Veblen goods

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Q:

When the productive capacity of the economic system of state is inadequate to create sufficient number of jobs, it is called _______

A) seasonal unemployment B) structural unemployment  
C) disguised unemployment   D) cyclical unemployment
 
Answer & Explanation Answer: D) cyclical unemployment

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Q:

"The General Equilibrium Analysis" was developed by

A) Marshall B) Ricardo
C) Walras D) Adam Smith
 
Answer & Explanation Answer: C) Walras

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