Indian Economy Questions

Q:

Under GST regime, in ‘Composition Scheme’, taxpayers have to fill returns ______.

A) Monthly B) Half-yearly
C) Quarterly D) Bi-Monthly
 
Answer & Explanation Answer: C) Quarterly

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Q:

In May 2017, the Base year of All-Indian WPI (Wholesale Price Index) has been revised from 2004-05 to ______.

A) 2010-11 B) 2015-16
C) 2011-12 D) 2016-17
 
Answer & Explanation Answer: C) 2011-12

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Q:

Which of the following best describes monetary policy?

A) Managing the economy by controlling the money supply B) Determining the design printed on the national currency
C) Regulating transactions in the currency exchange market D) Raising and lowering the foreign exchange rate
 
Answer & Explanation Answer: A) Managing the economy by controlling the money supply

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Q:

Which of the following gulf countries has announced to form new economic and partnership group named 'Joint Cooperation Committee' inDecember 2017?

A) UAE and Saudi Arabia B) Qatar and UAE
C) Bahrain and Kuwait D) Oman and Saudi Arabia
 
Answer & Explanation Answer: A) UAE and Saudi Arabia

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Q:

_______ is issued when the court finds that a particular office holder is not doing legal duty and thereby is infringing on the right of an individual.

A) Habeas Corpus B) Mandamus
C) Prohibition D) Quo Warranto
 
Answer & Explanation Answer: B) Mandamus

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Q:

For a price taking firm, average revenue is ______ market price.

A) half of B) equal to
C) double of D) less than
 
Answer & Explanation Answer: B) equal to

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Q:

Purchase of fixed assets on credit is originally recorded in

A) Purchases book B) Journal Proper
C) Cash book D) Ledger
 
Answer & Explanation Answer: B) Journal Proper

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Q:

In ____________, the short run equilibrium results in quantity produced being lesser and prices being higher compared to perfect competition.

A) Monopsony B) Monopoly
C) Oligopoly D) Monopolistic Competition
 
Answer & Explanation Answer: D) Monopolistic Competition

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