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 Indian Economy Questions

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Q:

Another name for false productivity is

A) making poor decisions B) filling your mind with negative self-talk
C) driving toward success D) spinning your wheels
 
Answer & Explanation Answer: D) spinning your wheels

Explanation:

Another name for false productivity is Spinning your wheels. They use the term for false productivity because your wheels are spinning as you're doing work but you're not going anywhere i.e, making any progress.

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2 1725
Q:

Which of the following statements about taxes is false?

A) Some states don’t collect income tax B) Taxes at the local, state and federal level are all equal
C) Taxes are collected at the local, state and federal level D) Some states don’t collect sales tax
 
Answer & Explanation Answer: A) Some states don’t collect income tax

Explanation:
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4 1723
Q:

Microeconomics is concerned with

A) The electronics industry B) The study of individual
C) The economy as a whole D) None of the above
 
Answer & Explanation Answer: B) The study of individual

Explanation:

Microeconomics is concerned with the study of individual firms, households, etc...

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1 1718
Q:

The law of demand implies that

A) the higher the price of a good, the lesser the quantity demanded B) the higher the price of a good, the higher the quantity demanded
C) the higher the quantity demanded, the higher the price of a good D) All of the above
 
Answer & Explanation Answer: A) the higher the price of a good, the lesser the quantity demanded

Explanation:

The law of demand implies that "The higher the price of a good, the lesser the quantity demanded".

 

 

For example:

If the rate of a mobile phone increased, the quantity demanded by the customers is decreased.

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2 1718
Q:

A trial balance is prepared to

A) measure credits B) measure debits
C) measure credits = debits are not D) None of the above
 
Answer & Explanation Answer: C) measure credits = debits are not

Explanation:
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1 1717
Q:

In economics, the cost of something is

A) the dollar amount of obtaining it B) what you give up to get it
C) often impossible to quantify, even in principle D) always measured in units of time given up to get it
 
Answer & Explanation Answer: B) what you give up to get it

Explanation:

In economics, the cost of something is what you give up to get it.

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4 1714
Q:

In calculating the GDP national income accountants

A) add increases in inventories or subtract decreases in inventories B) add exports, but subtract imports
C) Both A & B D) None of the above
 
Answer & Explanation Answer: A) add increases in inventories or subtract decreases in inventories

Explanation:
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1 1712
Q:

Microeconomics is the study of

A) Decisions of individual firms B) Decisions of individual households
C) Decisions of individual consumers D) All of the above
 
Answer & Explanation Answer: D) All of the above

Explanation:

Microeconomics is the branch or subset of economics that deals with the study of Decisions of individual firms, households and consumers.

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1 1707