demand & supply, profit loss, inflation & price index section 1 MCQ Questions & Answers Detailed Explanation
MOST IMPORTANT indian economy mcq - 3 EXERCISES
The following question based on Demand & Supply, Profit Loss, Inflation & Price Index topic of indian economy mcq
- Capital Investment
- Business Turnover
- Labour Force
- Power Consumption
(a) 2, 3 and 4
(b) 1, 3 and 4
(c) 1, 2 and 4
(d) 2 and 3
The correct answers to the above question in:
Answer: (b)
The factors which are responsible for the industry are capital investment, labour force and power consumption.
However, the nature and size of business are not determined by the turnover of the business.
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Question : 1
Which one of the following statements is an appropriate description of deflation?
a) It is a persistent fall in the general price level of goods and services
b) It is a fall in the rate of inflation over a period of time
c) It is a sudden fall in the value of a currency against other currencies
d) It is persistent recession in both the financial and real sectors of economy
Answer »Answer: (a)
Question : 2
Who recommends the MSP and issue prices?
a) Planning commission
b) Commission for Agricultural Costs and Prices
c) Ministry of agriculture
d) NABARD
Answer »Answer: (b)
CACP was set up in 1985 and recommends for MSP, issue prices as well as procurement prices.
Question : 3
Which of the following is not a ‘Public Good’?
a) National Defence
b) Light House
c) Electricity
d) Public Parks
Answer »Answer: (c)
Electricity is not public good but it is club good including roads, bridges, gas, sewage, wires, telecom.
Question : 4
The income elasticity of demand for inferior goods is
a) less than zero
b) equal to one
c) less than one
d) greater than one
Answer »Answer: (a)
Inferior goods have a negative(less than 0) income elasticity of demand meaning that demand falls as income rises.
Question : 5
A ‘closed economy’ is an economy in which
a) only exports take place.
b) the money supply is fully controlled.
c) deficit financing takes place.
d) neither exports nor imports take places.
Answer »Answer: (d)
This is an economy that does not interact with the economy of any other country. A closed economy prohibits imports and exports and prohibits any other country from participating in their stock market.
Question : 6
Which of the following fixed the four percent inflation target in India with tolerance level of +/–2 percent for the period 2016 to 2021?
a) NITI Aayog
b) Fourteenth Finance Commission
c) Reserve Bank of India
d) Government of India
Answer »Answer: (d)
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