Indian Economy problems
- 1. The long run aggregate supply curve is vertical because
Options- A. there is no cyclical inflation
- B. potential GDP is low
- C. at full employment prices are stable
- D. all of the above Also asked in: AIEEE, Bank Exams, CAT, Analyst, Bank Clerk, Bank PO
Correct Answer: at full employment prices are stable
Explanation:
The long-run aggregate supply curve is vertical because it is at the full-employment or potential output. Because the economy's potential output is determined by the availability and productivity of real resources, not by the price level. That means that even if demand increases, firms can't hire new workers and expand because everyone is already working.
- 2. Which among the following sponsors Regional Rural Banks (RRB'S)?
Options- A. Reserve Bank of India
- B. Foreign Banks
- C. National Commercial Banks
- D. Co-Operative Banks Also asked in: Bank Exams
Correct Answer: National Commercial Banks
- 3. Amartya Sen was awarded the Nobel Prize for his contribution to
Options- A. Monetary Economics
- B. Welfare Economics
- C. Environmental Economics
- D. Development Economics Also asked in: Bank Exams
Correct Answer: Welfare Economics
Explanation:
Amartya Sen, Indian economist who was awarded the 1998 Nobel Prize in Economic Sciences for his contributions to welfare economics and social choice theory and for his interest in the problems of society's poorest members
- 4. In which of the following market forms a firm does not exercise control over price?
Options- A. Mixed Competition
- B. Monopoly
- C. Oligopoly
- D. Perfect Competition Also asked in: Bank Exams
Correct Answer: Perfect Competition
- 5. The change in the optimal quantity of a good when its price changes and the consumer?s income is adjusted so that she can just buy the bundle that she was buying before the price change is called?
Options- A. Law of demand
- B. Substitution effect
- C. Problem of choice
- D. Optimal choice Also asked in: Bank Exams
Correct Answer: Substitution effect
- 6. IMF has predicted that the global economy would grow at _______ % in 2017.
Options- A. 5.5
- B. 4.5
- C. 3.5
- D. 2.5 Also asked in: Bank Exams
Correct Answer: 3.5
- 7. Which of the following will cause an increase in demand for a good?
Options- A. an increase in income if the good is an inferior goods
- B. a decrease in the price of the goods
- C. a decrease in income if the good is a normal goods
- D. an increase in the price of its substitute goods Also asked in: Bank Exams
Correct Answer: an increase in the price of its substitute goods
- 8. ___________ is an alternative way of representing the production function.
Options- A. The Short Run
- B. The Long Run
- C. Isoquant
- D. Average product Also asked in: Bank Exams
Correct Answer: Isoquant
- 9. Which one of the following is a development expenditure
Options- A. Irrigation expenditure
- B. Civil administration
- C. Debt services
- D. Grant in Aid Discuss
Correct Answer: Irrigation expenditure
- 10. The Planning Commission of India is
Options- A. A Constitutional body
- B. An Independent and Autonomous body
- C. A Statutory body
- D. A non Statutory body Discuss
Correct Answer: A non Statutory body
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