Irfaan loves black coffee. A roadside stall selling a cup of black coffee at Rs.

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Question
Irfaan loves black coffee. A roadside stall selling a cup of black coffee at Rs. 120, offered 25% discount to Irfaan. If Irfaan was willing to pay even Rs. 200 for this cup of black coffee, Irfaan's consumer surplus is
Options
A. 90
B. 80
C. 30
D. 110

Correct Answer

110

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Indian Economy problems

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1. Stagflation is defined as
Options
A. low inflation, low growth, low unemployment
B. high inflation, low growth, high unemployment
C. high inflation, high growth, high unemployment
D. low inflation, high growth, low unemployment

2. A beedi making workshop can hire 5 women by paying them Rs. 300 per day. The 6th woman demands Rs. 350 per day. If this woman is hired then all other women must be paid Rs. 350. The marginal resource (labour) cost of the 6th woman is
Options
A. Rs. 600
B. Rs. 50
C. Rs. 300
D. Rs. 100

3. If price of an article decreases from Rs P1 to Rs 190, when quantity demanded increases from 5000 units to 5200 units, and if point elasticity of demand is -0.8 find P1?
Options
A. Rs 220
B. Rs 240
C. Rs 200
D. Rs 250

4. Stagflation is a period of _______.
Options
A. Persistent high inflation combined with high unemployment
B. Persistent high inflation combined with low unemployment
C. Persistent low inflation combined with high unemployment
D. Persistent low inflation combined with low unemployment

5. Match the characteristics with their market structure: (a) Expand out put until MC = MR (b) Elasticity of demand depends on pricing policies of rivals
Options
A. (a) Pure competition, (b) Pure Monopoly
B. (a) Pure Monopoly, (b) Monopolistic competition
C. (a) Pure competition, (b) Oligopoly
D. (a) Monopolistic competition, (b) Oligopoly

6. Which among the following does not count in the development expenditure of government?
Options
A. Expenditure on economic services
B. Expenditure on social services
C. Grant to states
D. Defence expenditure

7. If a country devalues its currency, its _______________
Options
A. Exports become cheaper and imports become costlier
B. Exports become costlier and imports become cheaper.
C. Exports value is equivalent to imports value
D. No effect on exports and imports

8. Sectoral distribution of GDP index measures_________
Options
A. Agriculture development of a country
B. Economic development of a country
C. Social development of a country
D. SocioEconomic development of a country

9. If hiring an extra worker increases a factory's output from 1000 to 1200 units per day, but the factory has to reduce the price of its product from Rs. 25 to Rs. 24 per unit to sell the additional output, the marginal revenue product of the last worker is
Options
A. Rs. 3800
B. Rs. 200
C. Rs. 4000
D. Rs. 100

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