Discussion
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- Question
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
- Correct Answer
- There are no restrictions on exports and imports
- 1. 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
- 2. 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 Discuss
- 3. 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
- 4. For a price taking firm, average revenue is ______ market price.
Options- A. half of
- B. equal to
- C. double of
- D. less than Discuss
- 5. 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
- 6. 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
- 7. 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
- 8. 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
- 9. First time which year the Railway Budget and the General Budget were presented separately?
Options- A. 1923
- B. 1947
- C. 1952
- D. 1977 Discuss
- 10. A ceramic pottery unit hires 8 craftsmen by paying each of them Rs 900 per day. The 9th craftsman demands Rs 950 per day. If this craftsman is hired then all other craftsmen must be paid Rs 950. The marginal resource (labour) cost of the 9th craftsman is _________.
Options- A. Rs 1530
- B. Rs 1050
- C. Rs 50
- D. Rs 1350 Discuss
Indian Economy problems
Search Results
Correct Answer: quantity demanded is equal to quantity supplied
Correct Answer: people have unlimited desires but limited resources
Correct Answer: $625 million
Correct Answer: equal to
Correct Answer: market demand
Correct Answer: 1.7
Correct Answer: 4000 units
Correct Answer: there is general increase in the prices over time.
Correct Answer: 1923
Correct Answer: Rs 1350
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