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 Indian Economy Questions

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Q:

In which of the following types of economy are the factors of production owned individually?

A) Capitalist B) Socialist
C) Mixed D) Both Capitalist and Socialist
 
Answer & Explanation Answer: A) Capitalist

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Q:

___________________________ is an Indian Government Savings Bond, primarily used for small savings and income tax saving investments in India.

A) Provident Fund B) Life Insurance Policies
C) National Saving Certificate D) Long term government bonds
 
Answer & Explanation Answer: C) National Saving Certificate

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Q:

Deindustrialisation means

A) uprooting of people from agriculture and planting them in industries B) uprooting of people from agriculture and planting them in industries
C) a deliberate effort to compel the existing industries to shut down D) a deliberate effort to promote the new industries
 
Answer & Explanation Answer: B) uprooting of people from agriculture and planting them in industries

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Q:

The production possibilities curve illustrates the basic principle that

A) an economy's capacity to produce increases in proportion to its population size. B) the production of more of any one good will in time require smaller and smaller sacrifices of other goods.
C) an economy will automatically seek that level of output at which all of its resources are employed. D) if all the resources of an economy are in use, more of one good can be produced only if less of another good is produced.
 
Answer & Explanation Answer: D) if all the resources of an economy are in use, more of one good can be produced only if less of another good is produced.

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Q:

What denotes offering several products for sale as one combined product?

A) Advertisement B) Product mix
C) Product bundling D) Differentiation
 
Answer & Explanation Answer: C) Product bundling

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Q:

A growing country is one with ___________ there.

A) rising GNP at constant prices B) rising GNP at current prices
C) constant GNP at constant prices D) No option is correct
 
Answer & Explanation Answer: A) rising GNP at constant prices

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Q:

A manufacturer faces a -1.2 price elasticity of demand for its product. It is presently selling 7,500 units/day. If it wants to increase quantity sold by 9%, it must lower its price by

A) 7.5 percent B) 7.8 percent
C) 10.2 percent D) 10 percent
 
Answer & Explanation Answer: A) 7.5 percent

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Q:

The consumption and saving schedules reveal that the:

A) MPC and APC are equal at the point where the consumption schedule intersects the 45-degree line. B) MPC is equal to or greater than one at all income levels.
C) MPC is greater than zero, but less than one. D) APS is positive at all income levels.
 
Answer & Explanation Answer: C) MPC is greater than zero, but less than one.

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