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- Question
Economics assumes that
Options- A. people have unlimited desires but limited resources
- B. people have limited desires but unlimited resources
- C. allocation of resources if not centrally planned will cause inefficiency
- D. people are emotional and make irrational decisions
- Correct Answer
- people have unlimited desires but limited resources
- 1. Calculate a country's GDP if for the year, consumer spending is $400 million, government spending is $150 million, investment by businesses is $80 million, exports are $35 million and imports are $40 million.
Options- A. $625 million
- B. $465 million
- C. $475 million
- D. $635 million Discuss
- 2. For a price taking firm, average revenue is ______ market price.
Options- A. half of
- B. equal to
- C. double of
- D. less than Discuss
- 3. The ________ curve represents the demand of all consumers in the market taken together at different levels of the price of the good.
Options- A. monotonic
- B. indifferent
- C. market demand
- D. diminishing Discuss
- 4. _________ says that the marginal product of a factor input initially rises with its employment level. But after reaching a certain level of employment, it starts falling.
Options- A. Law of diminishing marginal product
- B. Law of variable proportions
- C. The Short Run
- D. The Long Run Discuss
- 5. In a centrally planned economy, the ____________ plans all the important activities in the economy.
Options- A. Industrialists
- B. Citizens
- C. Government
- D. Judiciary Discuss
- 6. At the equilibrium price
Options- A. quantity demanded is equal to quantity supplied
- B. quantity demanded is greater than quantity supplied
- C. price elasticity of demand is unity
- D. elasticity of demand equals elasticity of supply Discuss
- 7. Which of the following best defines free trade?
Options- A. Imports are discouraged
- B. There are no restrictions on exports and imports
- C. There are no duties levied on export
- D. Imported goods are made duty free Discuss
- 8. As per the data released by the IncomeTax Department in December 2017, how much percent of total population paid income tax in the assessment year 201516?
Options- A. 1.7
- B. 5.7
- C. 9.7
- D. 11.7 Discuss
- 9. If price of an article decreases from Rs 100 to Rs 80, when quantity demanded increases from Q1 units to 4600 units, and if point elasticity of demand is 0.75 find Q1?
Options- A. 5000 units
- B. 4000 units
- C. 3000 units
- D. 2000 units Discuss
- 10. Inflation exists when
Options- A. there is general increase in the prices over time.
- B. there are periodic decreases in the price level.
- C. there are continuous increases in the output level over time.
- D. there is rise in the purchasing value of money. Discuss
Indian Economy problems
Search Results
Correct Answer: $625 million
Correct Answer: equal to
Correct Answer: market demand
Correct Answer: Law of variable proportions
Correct Answer: Government
Correct Answer: quantity demanded is equal to quantity supplied
Correct Answer: There are no restrictions on exports and imports
Correct Answer: 1.7
Correct Answer: 4000 units
Correct Answer: there is general increase in the prices over time.
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