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- Question
The long run aggregate supply curve is vertical because
Options- A. there is no cyclical inflation
- B. potential GDP is low
- C. at full employment prices are stable
- D. all of the above
- Correct Answer
- at full employment prices are stable
ExplanationThe long-run aggregate supply curve is vertical because it is at the full-employment or potential output. Because the economy's potential output is determined by the availability and productivity of real resources, not by the price level. That means that even if demand increases, firms can't hire new workers and expand because everyone is already working.
- 1. The law of supply indicates that other things equal
Options- A. producers will offer more of a product at high prices than at low prices
- B. the quantity supplied of the good rises
- C. the quantity supplied of the good rises
- D. producers will offer more of a product at high prices than at low prices Discuss
- 2. A large underground economy results in an
Options- A. Overstated GDP
- B. Understated GDP price index
- C. Overstated GDP price index
- D. Understated GDP Discuss
- 3. Which of the following statements about GDP is correct?
Options- A. Nominal GDP values production at constant prices, whereas real GDP values production at current prices.
- B. Nominal GDP values production at market prices, whereas real GDP values production at the cost of the resources used in the production process.
- C. Nominal GDP consistently underestimates the value of production, whereas real GDP consistently overestimates the value of production.
- D. Nominal GDP values production at current prices, whereas real GDP values production at constant prices. Discuss
- 4. National income accountants can avoid multiple counting by
Options- A. subtracting NDP from GDP
- B. add exports, but subtract imports
- C. only counting final goods
- D. None of the above Discuss
- 5. Another name for false productivity is
Options- A. making poor decisions
- B. filling your mind with negative self-talk
- C. driving toward success
- D. spinning your wheels Discuss
- 6. Which among the following sponsors Regional Rural Banks (RRB'S)?
Options- A. Reserve Bank of India
- B. Foreign Banks
- C. National Commercial Banks
- D. Co-Operative Banks Discuss
- 7. Amartya Sen was awarded the Nobel Prize for his contribution to
Options- A. Monetary Economics
- B. Welfare Economics
- C. Environmental Economics
- D. Development Economics Discuss
- 8. In which of the following market forms a firm does not exercise control over price?
Options- A. Mixed Competition
- B. Monopoly
- C. Oligopoly
- D. Perfect Competition Discuss
- 9. The change in the optimal quantity of a good when its price changes and the consumer?s income is adjusted so that she can just buy the bundle that she was buying before the price change is called?
Options- A. Law of demand
- B. Substitution effect
- C. Problem of choice
- D. Optimal choice Discuss
- 10. IMF has predicted that the global economy would grow at _______ % in 2017.
Options- A. 5.5
- B. 4.5
- C. 3.5
- D. 2.5 Discuss
Indian Economy problems
Search Results
Correct Answer: producers will offer more of a product at high prices than at low prices
Correct Answer: Understated GDP
Correct Answer: Nominal GDP values production at current prices, whereas real GDP values production at constant prices.
Correct Answer: only counting final goods
Correct Answer: spinning your wheels
Explanation:
Another name for false productivity is Spinning your wheels. They use the term for false productivity because your wheels are spinning as you're doing work but you're not going anywhere i.e, making any progress.
Correct Answer: National Commercial Banks
Correct Answer: Welfare Economics
Explanation:
Amartya Sen, Indian economist who was awarded the 1998 Nobel Prize in Economic Sciences for his contributions to welfare economics and social choice theory and for his interest in the problems of society's poorest members
Correct Answer: Perfect Competition
Correct Answer: Substitution effect
Correct Answer: 3.5
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