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 Indian Economy Questions

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Q:

The minimum price at which I was willing to sell my old TV was Rs 37,000. I quoted Rs 50,000 while selling it, but it sold for Rs 42,000. This transaction generated _____.

A) Rs 5000 worth of consumer surplus B) Rs 8000 worth of consumer surplus
C) Rs 5000 worth of producer surplus D) Rs 8000 worth of producer surplus
 
Answer & Explanation Answer: C) Rs 5000 worth of producer surplus

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Q:

In which of the following is true for instruments of Monetary Policy?

A) Open market operations B) Bank rate policy
C) Selective credit controls D) All options are correct
 
Answer & Explanation Answer: D) All options are correct

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Q:

As it relates to international trade, dumping

A) is the practice of selling goods in a foreign market at less than cost. B) is a form of price discrimination illegal under U.S. antitrust laws.
C) is defined as selling more goods than allowed by an import quota. D) constitutes a general case for permanent tariffs.
 
Answer & Explanation Answer: A) is the practice of selling goods in a foreign market at less than cost.

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Q:

Who decides the Minimum Support Price (MSP) for agricultural crops in India?

A) Ministry of Agriculture   B) NABARD
C) Commission on Agriculture Cost and Price (CACP) D) Ministry of Commerce
 
Answer & Explanation Answer: C) Commission on Agriculture Cost and Price (CACP)

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Q:

On 19 September 2017, Law Ministry approved Fugitive Economic Offenders Bill, 2017. It will empower government to _______ property of economic offenders and defaulters who flee from India.

 

A) Consolidate B) Confiscate
C) Combine D) Collect
 
Answer & Explanation Answer: B) Confiscate

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Q:

Price elasticity of demand is generally

A) tends to be smaller in the short run than in the long run. B) tends to be smaller in the long run than in the short run.
C) tends to be unrelated to the length of time. D) tends to be larger in the short run than in the long run.
 
Answer & Explanation Answer: A) tends to be smaller in the short run than in the long run.

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Q:

Unemployment is an example of which of the following?

A) interest risk B) inflation risk
C) personal risk D) income risk
 
Answer & Explanation Answer: D) income risk

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Q:

In April 2017, the announcement was made to change the Base year for GDP Calculation. The new Base year will be ______.

 

A) 2011-12   B) 2015-16
C) 2017-18 D) 2016-17
 
Answer & Explanation Answer: C) 2017-18

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