Discussion
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- Question
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
- Correct Answer
- 6000 units
- 1. 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
- 2. 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
- 3. 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
- 4. 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
- 5. The demand curve facing a perfectly competitive firm is
Options- A. downward sloping
- B. perfectly inelastic
- C. a concave curve
- D. perfectly elastic Discuss
- 6. Micro economics deals with
Options- A. the circular flow of income
- B. the decision making of a single economic variable like demand
- C. understanding unemployment
- D. economic growth Discuss
- 7. The minimum price at which I was willing to sell my old TV was Rs 37,000. I quoted Rs 50,000 while selling it, but it sold for Rs 42,000. This transaction generated _____.
Options- A. Rs 5000 worth of consumer surplus
- B. Rs 8000 worth of consumer surplus
- C. Rs 5000 worth of producer surplus
- D. Rs 8000 worth of producer surplus Discuss
- 8. __________________ is a good whose quantity demanded decreases when consumer income rises.
Options- A. Veblen good
- B. normal good
- C. exclusive good
- D. inferior good Discuss
- 9. If price of an article decreases from Rs P1 to Rs 75, quantity demanded increases from 1000 units to 1200 units. If point elasticity of demand is 3.2 findmP1?
Options- A. Rs 85
- B. Rs 80
- C. C)
- D. Rs 95 Discuss
- 10. Which latitude passes through the middle of India?
Options- A. Equator
- B. Arctic Circle
- C. Tropic of Capricorn
- D. Tropic of Cancer Discuss
Indian Economy problems
Search Results
Correct Answer: a minimum legal price
Correct Answer: 9%
Correct Answer: Amartya Sen
Correct Answer: Rs. 18 crores
Correct Answer: perfectly elastic
Correct Answer: the decision making of a single economic variable like demand
Correct Answer: Rs 5000 worth of producer surplus
Correct Answer: inferior good
Correct Answer: Rs 80
Correct Answer: Tropic of Cancer
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