Indian Economy problems
- 1. Which of the following is not an assumption of perfect competition?
Options- A. There are many buyers and sellers
- B. Average total costs continually decrease.
- C. The good sold by all sellers in the market is assumed to be homogeneous.
- D. Buyers and sellers in the market are assumed to have perfect information. Also asked in: Bank Exams
Correct Answer: Average total costs continually decrease.
- 2. If the average total cost are Rs 54, total fixed cost is Rs 45000 and quantity produced is 2500 units, find the average variable costs (in Rs) of the firm?
Options- A. 24
- B. 18
- C. 36
- D. 60 Also asked in: Bank Exams
Correct Answer: 36
- 3. The law of demand states that
Options- A. if the price of a good increases, the demand for that good decreases.
- B. if the price of a good increases, the the demand for that good increases.
- C. if the price of a good increases, the quantity demanded of that good decreases.
- D. if the price of a good increases, the quantity demanded of that good increases. Also asked in: Bank Exams
Correct Answer: if the price of a good increases, the quantity demanded of that good decreases.
- 4. If the average total cost are Rs 54, average variable cost is Rs 36 and quantity produced is 2500 units, find the total fixed costs (in Rs) of the firm?
Options- A. 30000
- B. 15000
- C. 45000
- D. 60000 Also asked in: Bank Exams
Correct Answer: 45000
- 5. Unemployment that arises when there is a general downturn in business activity is known as
Options- A. Structural unemployment
- B. Frictional unemployment
- C. Cyclical unemployment
- D. Disguised unemployment Also asked in: Bank Exams
Correct Answer: Cyclical unemployment
- 6. The collection of all possible combinations of the goods and services that can be produced from a given amount of resources and a given stock of technological knowledge is called the ____________ of the economy.
Options- A. Resource Probability Set
- B. Production Probability Set
- C. Resource Possibility Set
- D. Production Possibility Set Also asked in: Bank Exams
Correct Answer: Production Possibility Set
- 7. The _________ of a firm is a relationship between inputs used and output produced by the firm.
Options- A. Marginal product
- B. Production function
- C. Total product
- D. Average product Also asked in: Bank Exams
Correct Answer: Production function
- 8. A ___________ deficit is financed by net capital flows from the rest of the world, thus by a capital account surplus.
Options- A. Current Account
- B. Savings Account
- C. Capital Account
- D. Asset Account Also asked in: Bank Exams
Correct Answer: Current Account
- 9. __________ is defined as the output per unit of variable input
Options- A. Marginal product
- B. Production function
- C. Total product
- D. Average product Also asked in: Bank Exams
Correct Answer: Average product
- 10. Disguised unemployment generally means___________.
Options- A. Large number of people remain unemployed
- B. alternative employment is NOT available
- C. marginal productivity of labour is zero
- D. productivity of workers is low Also asked in: Bank Exams
Correct Answer: marginal productivity of labour is zero
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