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 Indian Economy Questions

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Q:

A manufacturer faces price elasticity of demand of a ­1.25 for its product. If it lowers its price by 6.4%, the increase in quantity sold will be _____.

A) 5.15 percent B) 7.65 percent
C) 8 percent D) 5.12 percent
 
Answer & Explanation Answer: C) 8 percent

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Q:

India implemented the GST (Goods and Service Tax) from which month of 2017?

A) January B) March
C) July D) September
 
Answer & Explanation Answer: C) July

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Q:

As per the announcement by the government in August 2017, Banks importing gold and precious metals will have to pay ______ tax under the GST.

 

A) 5%   B) 10%  
C) 3%   D) 8%
 
Answer & Explanation Answer: C) 3%  

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Q:

The minimum price at which I was willing to sell my old TV was Rs 37,000. I quoted Rs 50,000 while selling it, but it sold for Rs 42,000. This transaction generated _____.

A) Rs 5000 worth of consumer surplus B) Rs 8000 worth of consumer surplus
C) Rs 5000 worth of producer surplus D) Rs 8000 worth of producer surplus
 
Answer & Explanation Answer: C) Rs 5000 worth of producer surplus

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Q:

Which of the following statements is incorrect, if resources were unlimited?

A) there would still be scarcity and opportunity costs B) there would still be scarcity but no opportunity costs
C) there would be no scarcity, but there would be opportunity costs. D) there would neither be scarcity nor opportunity costs
 
Answer & Explanation Answer: C) there would be no scarcity, but there would be opportunity costs.

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Q:

If price of an article decreases from Rs 800 to Rs 700, quantity demanded increases from Q1 units to 70 units. If point elasticity of demand is -1.333 find Q1?

A) 80 units B) 90 units
C) 60 units D) 50 units
 
Answer & Explanation Answer: C) 60 units

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Q:

Which of the following will cause an increase in demand for a good?

A) an increase in income if the good is an inferior goods B) a decrease in the price of the goods
C) a decrease in income if the good is a normal goods D) an increase in the price of its substitute goods
 
Answer & Explanation Answer: D) an increase in the price of its substitute goods

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Q:

On 19 September 2017, Law Ministry approved Fugitive Economic Offenders Bill, 2017. It will empower government to _______ property of economic offenders and defaulters who flee from India.

 

A) Consolidate B) Confiscate
C) Combine D) Collect
 
Answer & Explanation Answer: B) Confiscate

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