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 Indian Economy Questions

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Q:

For economists, the word "utility" means

A) pleasure and satisfaction B) purposefulness
C) versatility and flexibility D) rationality
 
Answer & Explanation Answer: A) pleasure and satisfaction

Explanation:
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Q:

Mutual Funds are regulated in India by

A) SEBI B) RBI
C) RBI & SEBI both D) Stock Exchanges
 
Answer & Explanation Answer: A) SEBI

Explanation:

Mutual Funds are regulated in India by SEBI (Securities and Exchange Board of India). It was founded in 1992. In 1996, SEBI formulated the Mutual Fund Regulation.

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Q:

Administered prices refer to

Answer

Administered prices are prices set by government or firms which are not determined by regular market forces. They do not vary in response to short-run fluctuations in demand and supply conditions.


Examples include price controls and rent controls.

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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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Q:

A business owned by one person

A) Sole proprietorship B) Non profit
C) Limited liability D) None of the above
 
Answer & Explanation Answer: A) Sole proprietorship

Explanation:

A business owned by one person and operates for their benefits is called as Sole Proprietorship or sole trader.

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Q:

The goal of a command economy is to

A) create equality within a society B) mixed-market
C) Both A & B D) None of the above
 
Answer & Explanation Answer: A) create equality within a society

Explanation:
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Q:

The federal government debt is equal to the

A) sum of past budget deficits minus the sum of past budget surpluses B) annual difference between federal government tax revenues and outlays
C) obligations of benefits from federal taxes and expenditures D) sum of all annual federal government outlays
 
Answer & Explanation Answer: A) sum of past budget deficits minus the sum of past budget surpluses

Explanation:

The federal government debt is equal to the sum of past budget deficits minus the sum of past budget surpluses.

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Q:

Supply curves tend to be

A) more elastic in the long run, because there is time for firms to enter or leave the industry. B) less elastic in the long run, because there is time for firms to enter or leave an industry.
C) perfectly elastic in the long run, because consumer demand will have sufficient time to adjust fully to changes in supply. B. D) None of the above
 
Answer & Explanation Answer: A) more elastic in the long run, because there is time for firms to enter or leave the industry.

Explanation:

Supply curves tend to be more elastic in the long run, because there is time for firms to enter or leave the industry.

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