760+ Indian Economy Quiz Questions and Answers with Explanation

Q:

The scarcity definition of economics is credited to

A) Dennis Robertson	B) Lionel Robbins
C) Alfred Marshall	D) Adam Smith

Answer & Explanation Answer: B) Lionel Robbins

Explanation:

The scarcity definition of economics is credited to Lionel Robbins.

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1 1499

Q:

Capitalism is an economic system in which

A) private entities own capital goods	B) Public entities own capital goods
C) Both A & B	D) None of the above

Answer & Explanation Answer: A) private entities own capital goods

Explanation:

Capitalism is an economic system in which private entities or businesses own capital goods.

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4 1488

Q:

Sales commissions are classified as

A) period costs	B) indirect labor
C) overhead costs	D) product costs

Answer & Explanation Answer: D) product costs

Explanation:

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3 1486

Q:

The real wage will rise if the nominal wage

A) increases more rapidly than the general price level.	B) increases at the same rate as labor productivity.
C) falls more rapidly than the general price level.	D) falls at the same rate as the general price level.

Answer & Explanation Answer: A) increases more rapidly than the general price level.

Explanation:

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0 1474

Q:

An increase in demand means that

A) the demand curve shifts to the right	B) consumers desire a greater quantity
C) Both A & B	D) None of the above

Answer & Explanation Answer: C) Both A & B

Explanation:

An increase in demand means that the demand curve shifts to the right, and hence quantity demanded will be high at each price.

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1 1473

Q:

Which taxes are included in GST?

A) Taxes on lottery	B) Sales/VAT tax
C) Both A & B	D) None of the above

Answer & Explanation Answer: C) Both A & B

Explanation:

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1 1467

Q:

Sociologists define the concept of "race" as

A) a socially constructed category composed of people who share biologically transmitted traits that members of a society consider important.	B) people who fall into any minority category.
C) a cultural heritage shared by a category of people.	D) a person's skin color.

Answer & Explanation Answer: A) a socially constructed category composed of people who share biologically transmitted traits that members of a society consider important.

Explanation:

Sociologists define the concept of "race" as a socially constructed category composed of people who share biologically transmitted traits that members of a society consider important.

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0 1466

Q:

In January 2018, ‘Electoral Bonds’ Scheme was launched. Under this scheme, the electoral bonds will be available at specified branches of _____.

A) Bank of Baroda	B) State Bank of India
C) Punjab National Bank	D) Bank of India

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