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1. A market for a commodity consists of three individuals A, B and C whose demand functions for a commodity are given below. Find out the market demand function.
QA = 40 – 2P
QB = 25.5 – 0.75P
QC = 36.5 – 1.25P

A

Qm = 102 – 2P

B

Qm = 100 – 4P

C

Qm = 102 – 4P

D

Qm = 100 – 2P

2. The main reason for India`s indicative economic planning was ______.

A

very high levels of unemployment

B

the presence of the mixed economy

C

the presence of the capitalist economy

D

the presence of the socialist economy

3. Which expenditure is classified as Non- Developmental Expenditure?

A

Expenditure on flood control measures

B

Expenditure on Transport

C

Expenditure on communication

D

Expenditure on Judiciary

4. Change in stock is negative when ______.

A

closing stock is zero

B

closing stock is less than opening stock

C

opening stock is less than closing stock

D

opening stock is zero

5. Choose the change by the Reserve Bank of India (RBI) that will decrease the money supply

A

Fall in bank rate

B

RBI reduces the cash reserve ratio

C

Purchase of securities in the open market

D

Rise in repo rate

6. Which of the following is related to Microeconomics?

A

Government Expenditure

B

National Production

C

Unemployment

D

Income of an Individual

7. Suppose a consumer can afford to buy 6 units of good 1 and 8 units of good 2. She spends her entire income. The prices of the two goods are Rs. 6 and Rs. 8 respectively. How much is the consumer`s income?

A

Rs. 136

B

Rs. 64

C

Rs. 36

D

Rs. 100

8. Which equation represents the supply side of the growth problem? (Where Gy : Growth rate of income, σ : Output-capital ratio, S : Saving ratio)

A

Gy = σ/S

B

Gy = 1/S.σ

C

Gy = S.σ

D

Gy = S/σ

9. In the basic model of a market economy we assume that there exists ______ markets

A

monopoly

B

duopoly

C

competitive

D

oligopoly

10. Equilibrium price is higher than the actual price of a commodity. Thus its price will ______.

A

starts falling

B

starts rising

C

remains constant

D

starts fluctuating

11. What is the main advantage of the Initial Public Offer (IPO) method of privatisation?

A

This method is very crucial in small countries with weak capital markets

B

It is likely to face more resistance from the public sector undertakings (PSU) employees

C

It can be employed usefully in those cases where the government wants to lose control of the enterprise

D

It ensures wide participation of retail investors and thus helps in a broad based control of the public sector entity

12. The point on the average revenue curve at which elasticity of demand is less than unity, the marginal revenue will be ______.

A

greater than one

B

negative

C

equal to one

D

equal to zero

13. Which resource is classified as renewable resource?

A

Deposits of petroleum

B

Agricultural land

C

Deposits of iron ore

D

Deposits of coal

14. Which measure reflects the proportion of the weighted component indicators in which, on average, poor people are deprived?

A

Poverty gap ratio

B

Multidimensional poverty index

C

Intensity of poverty

D

Headcount ratio

15. Which agricultural measure provided irrigation facilities to a large area on an increasing basis for cultivation?

A

Technological Measures

B

Rural Employment Programmes

C

Food Security System

D

Pradhan Mantri Fasal Bima Yojana

16. How many industries had been reserved for the public sector under 1991 industrial policy?

A

5

B

2

C

8

D

18

17. What is the main cause of unemployment in India?

A

Decrease in Labour Force

B

Jobless and Jobloss Growth

C

Appropriate Technology

D

Appropriate Educational System

18. If the volume of transactions ______, then the price level rises with the increase in the quantity of money

A

turns negative

B

keeps increasing

C

keeps decreasing

D

remains constant

19. Where does the total cost curve starts from?

A

X-axis

B

Origin

C

Below the origin

D

Y-axis

20. In the first stage of law of variable proportions, marginal product of the fixed factor is ______.

A

negative

B

zero

C

indeterminate

D

positive