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 Indian Economy Questions

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Q:

The most important determinant of consumer spending is

A) consumer expectations B) the level of income
C) the level of household borrowing D) the stock of wealth
 
Answer & Explanation Answer: B) the level of income

Explanation:

The most important determinant of consumer spending is the level of income.

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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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Q:

An improvement in technology would shift

A) the demand curve rightward B) the supply curve rightward
C) the supply curve leftward D) the demand curve leftward
 
Answer & Explanation Answer: B) the supply curve rightward

Explanation:

An improvement in technology would shift the supply curve rightward.

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Q:

The foreign purchases effect

A) shifts the aggregate demand curve leftward B) moves the economy along a fixed aggregate demand curve
C) shifts the aggregate demand curve rightward D) shifts the aggregate supply curve rightward
 
Answer & Explanation Answer: B) moves the economy along a fixed aggregate demand curve

Explanation:
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Q:

Through specialization and international trade, a nation

A) will attain some combination of goods lying inside its production possibilities curve B) will shift its production possibilities curve towards left
C) can attain some combination of goods lying outside its production possibilities curve D) will shift its production possibilities curve towards right
 
Answer & Explanation Answer: C) can attain some combination of goods lying outside its production possibilities curve

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:

The largest component of GDP is

A) income B) wages
C) consumption D) imports
 
Answer & Explanation Answer: C) consumption

Explanation:

Consumption is the largest component of GDP.

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Q:

A decline in disposable income means

Answer

Disposable income is the amount of money that households have available for spending and saving after income taxes have been accounted for.


A decline in disposable income means a movement down along an economy's consumption schedule.

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Subject: Indian Economy Exam Prep: AIEEE , Bank Exams , CAT
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