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 Indian Economy Questions

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Q:

The innovation theory of profit was proposed by

A) Marshall B) Clark
C) Schumpeter D) Joan Robbinson
 
Answer & Explanation Answer: C) Schumpeter

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Q:

If demand curve for racing cycles is D = 59600 - 6P and supply curve is S = 29600 + 4P, find the equilibrium Quantity?

A) 118000 B) 300
C) 41600 D) 6000
 
Answer & Explanation Answer: C) 41600

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Q:

What is an octroi ?

A) Tax B) Tax collection centre
C) Tax processing centre D) Tax information centre
 
Answer & Explanation Answer: A) Tax

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Q:

The goods which people consume more, when their price rises are called _______.

A) Essential goods B) Capital goods
C) Veblen goods D) Giffen goods
 
Answer & Explanation Answer: D) Giffen goods

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Q:

Lorenz curve shows

A) Inflation B) Unemployment
C) Income distribution D) Poverty
 
Answer & Explanation Answer: C) Income distribution

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Q:

If price of an article decreases from Rs 600 to Rs 500, when quantity demanded increases from 10000 units to 12000 units. Find point elasticity of demand?

A) -1.2 B) 1.2
C) -1.5 D) 1.5
 
Answer & Explanation Answer: A) -1.2

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Q:

 The difference between exports and imports is called-? 

A) assets and liabilities  B) balance of payment 
C) GDP  D) balance of trade 
 
Answer & Explanation Answer: D) balance of trade 

Explanation:

The difference between exports and imports is called the balance of trade. If imports are greater than exports, it is sometimes called an unfavourable balance of trade. If exports exceed imports, it is sometimes called a favourable balance of trade.

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Q:

This tax is entirely borne by the entity it is levied upon and cannot be passed.

A) Direct tax B) Indirect tax
C) Straight tax D) Advance tax
 
Answer & Explanation Answer: A) Direct tax

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