760+ Indian Economy Quiz Questions and Answers with Explanation

Q:

What situation would result if Government expenditure exceeds the Government revenue on Current Account?

A) Deficit budgeting	B) Zerobased budgeting
C) Performancebased budgeting	D) Surplus budgeting

Answer & Explanation Answer: A) Deficit budgeting

Explanation:

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Q:

Which answer figure will complete the pattern?

A) X	B) W
C) V	D) U

Answer & Explanation Answer: D) U

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Q:

India has stated it aims to reduce the emissions intensity of its GDP by 33-35% by 2030 from 2005 levels and achieve _______________ of its cumulative electric power of around 350GW installed capacity from non-fossil fuel-based energy resources, mainly renewable power.

A) 20%	B) 40%
C) 50%	D) 30%

Answer & Explanation Answer: B) 40%

Explanation:

India has said it aims to reduce the emissions intensity of its GDP by 33-35% by 2030 from 2005 levels and achieve 40% of its cumulative electric power of around 350GW installed capacity from non-fossil fuelbased energy resources, mainly renewable power. The statement comes ahead of the UN Framework Convention on Climate Change (UNFCCC) to be held in Paris in December 2015, where countries would try to forge a new global climate agreement based on “climate justice" and principles of equity and common but differentiated responsibilities and respective capabilities.

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Q:

If the ___________ firm has zero costs or only has fixed cost, the quantity supplied in equilibrium is given by the point where the average revenue is zero.

A) Perfect Competition	B) Monopoly
C) Oligopoly	D) Monopolistic Competition

Answer & Explanation Answer: A) Perfect Competition

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Q:

The economic way of thinking stresses that

A) incentives matter--individuals respond in predictable ways to changes in personal costs and benefits.	B) changes in personal costs and benefits generally fail to exert much impact on behavior.
C) if a good is provided by the government, its production will not consume valuable scarce resources.	D) if one individual gains from an economic activity, then someone else must lose and in the same proportion.

Answer & Explanation Answer: A) incentives matter--individuals respond in predictable ways to changes in personal costs and benefits.

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Q:

A hand made paper workshop can hire 8 craftsmen by paying them Rs 400 per person per day. The 9th craftsman demands Rs 450 per day. If this craftsman is hired then all other craftsmen must be paid Rs 450. The marginal resource (labour) cost of the 9th craftsman is

A) Rs 50	B) Rs 850
C) Rs 800	D) Rs 100

Answer & Explanation Answer: B) Rs 850

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Q:

The difference between exports and imports is called-?

A) assets and liabilities	B) balance of payment
C) GDP	D) balance of trade

Answer & Explanation Answer: D) balance of trade

Explanation:

The difference between exports and imports is called the balance of trade. If imports are greater than exports, it is sometimes called an unfavourable balance of trade. If exports exceed imports, it is sometimes called a favourable balance of trade.

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Q:

The short run marginal cost curve is ____ shaped.

A) U	B) V
C) X	D) W

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