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 Indian Economy Questions

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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) 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 demand for labour is the same as the ___________.

 

A) marginal revenue product B) marginal physical product
C) marginal cost D) wage
 
Answer & Explanation Answer: A) marginal revenue product

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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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Q:

The sampling distribution of a statistic is

 

 

A) A normal curve, for which probabilities are obtained by standardizing.  B) A distribution of all possible summary statistics from a single random sample, from the same population.
C) A distribution of all parameters from the population that is to be randomly sampled. D) The mechanism that determines whether the random sampling was effective. 
 
Answer & Explanation Answer: A) A normal curve, for which probabilities are obtained by standardizing. 

Explanation:

The sampling distribution of a statistic is the distribution of the statistic for all possible samples from the same population of a given size.

 

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Q:

The Minimum Alternative Tax (MAT) was introduced in the Budget of the Government of India for the year

A) 1991-92 B) 1992-93
C) 1995-96 D) 1996-97
 
Answer & Explanation Answer: D) 1996-97

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Q:

Per Capita Income is Obtained by dividing National Income by

A) Total population of the country B) Total working population
C) Area of the country D) Volume of the capital used
 
Answer & Explanation Answer: A) Total population of the country

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Q:

The term stagflation refers to a situation where ?

A) Growth has no relation with the change in prices B) Rate of growth is faster than the rate of price increase
C) Rate of growth is slower than the rate of price increase D) Rate of growth and prices both are decreasing
 
Answer & Explanation Answer: C) Rate of growth is slower than the rate of price increase

Explanation:

Stagflation is a blend of stagnation (in economic growth) and inflation (rise in prices).

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