Discussion
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- Question
The demand curve facing a perfectly competitive firm is
Options- A. downward sloping
- B. perfectly inelastic
- C. a concave curve
- D. perfectly elastic
- Correct Answer
- perfectly elastic
- 1. If the fixed costs of a factory producing candles is Rs 20,000, selling price is Rs 30 per dozen candles and variable cost is Rs 1.5 per candle, what is the break-even quantity?
Options- A. 20000
- B. 10000
- C. 15000
- D. 12000 Discuss
- 2. This tax is entirely borne by the entity it is levied upon and cannot be passed.
Options- A. Direct tax
- B. Indirect tax
- C. Straight tax
- D. Advance tax Discuss
- 3. If a person's income increases from Rs. 10 lakhs per year to Rs. 11 lakhs per year and tax increases from Rs. 80,000 to Rs. 92,500 the marginal tax rate is
Options- A. 12.50%
- B. 8%
- C. 10%
- D. 15% Discuss
- 4. In a period when an economy is facing price rise, and along with that there is slowing down of economy activities, this is case of _________.
Options- A. Deflation
- B. Stagflation
- C. Recession
- D. Depression Discuss
- 5. 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
- 6. Calculate the economic profit for a firm if it's total revenues are Rs. 35 crores, explicit costs are Rs. 7 crores, and implicit costs are Rs. 10 crores.
Options- A. Rs. 32 crores
- B. Rs. 52 crores
- C. Rs. 18 crores
- D. Rs. 38 crores Discuss
- 7. Name the first Indian to get Nobel prize in economics.
Options- A. Amartya Sen
- B. C V Raman
- C. Mihir Sen
- D. Arun Shourie Discuss
- 8. In 2015, the real rate of interest in a country was 6% and the inflation rate then was 3%. So the nominal rate of interest in 2015 was
Options- A. 3%
- B. 6%
- C. 9%
- D. 12% Discuss
- 9. A price floor is _____.
Options- A. a maximum legal price
- B. a minimum legal price
- C. the price where demand equals supply
- D. the price where elasticity of demand equals elasticity of supply Discuss
- 10. If price of an article decreases from Rs 40 to Rs 30, quantity demanded increases from Q1 units to 7500 units. If point elasticity of demand is -1 find Q1?
Options- A. 9000 units
- B. 4500 units
- C. 10500 units
- D. 6000 units Discuss
Indian Economy problems
Search Results
Correct Answer: 20000
Correct Answer: Direct tax
Correct Answer: 12.50%
Correct Answer: Stagflation
Correct Answer: Rs 1350
Correct Answer: Rs. 18 crores
Correct Answer: Amartya Sen
Correct Answer: 9%
Correct Answer: a minimum legal price
Correct Answer: 6000 units
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