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 Indian Economy Questions

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Q:

A hand made paper workshop can hire 8 craftsmen by paying them Rs 400 per person per day. The 9th craftsman demands Rs 450 per day. If this craftsman is hired then all other craftsmen must be paid Rs 450. The marginal resource (labour) cost of the 9th craftsman is

A) Rs 50 B) Rs 850
C) Rs 800 D) Rs 100
 
Answer & Explanation Answer: B) Rs 850

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Q:

Which Indian stock exchange is planning to launch its own Initial Public Offering (IPO)?

A) Saurashtra Kutch Stock Exchange (SKSE) B) National Stock Exchange (NSE)
C) Cochin Stock Exchange (CoSE) D) Bombay Stock Exchange (BSE)
 
Answer & Explanation Answer: B) National Stock Exchange (NSE)

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Q:

Which law states that bad money drives good money out of circulation?

A) Wagner's law B) Grimm's law
C) Gresham's law D) Keynes' law
 
Answer & Explanation Answer: C) Gresham's law

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Q:

The number of days' sales uncollected is calculated by

A) Dividing accounts receivable by net sales and multiplying by 365. B) Dividing net sales by accounts receivable and multiplying by 365.
C) Dividing accounts receivable by net sales. D) Dividing net sales by accounts receivable.
 
Answer & Explanation Answer: A) Dividing accounts receivable by net sales and multiplying by 365.

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Q:

The economic way of thinking stresses that

A) incentives matter--individuals respond in predictable ways to changes in personal costs and benefits. B) changes in personal costs and benefits generally fail to exert much impact on behavior.
C) if a good is provided by the government, its production will not consume valuable scarce resources. D) if one individual gains from an economic activity, then someone else must lose and in the same proportion.
 
Answer & Explanation Answer: A) incentives matter--individuals respond in predictable ways to changes in personal costs and benefits.

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Q:

Which is the form of market where there is lack of competition?

A) Monopoly B) Oligopoly
C) Perfect competition D) Marketisation
 
Answer & Explanation Answer: A) Monopoly

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Q:

If price of an article decreases from Rs 80 to Rs 60, quantity demanded increases from 600 units to 750 units. Find point elasticity of demand?

A) -1 B) 1
C) -1.25 D) 1.25
 
Answer & Explanation Answer: A) -1

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Q:

Backward bending supply curve belongs to which market?

A) Capital B) Labour
C) Money D) Inventories
 
Answer & Explanation Answer: C) Money

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