demand & supply, profit loss, inflation & price index section 3 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
(a) Reducing the rate of interest
(b) Rationing of commodities
(c) Controlling the demand
(d) Controlling the supply of money
The correct answers to the above question in:
Answer: (a)
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Question : 1
Economic growth is usually coupled with
a) Stagflation
b) Hyper-inflation
c) Deflation
d) Inflation
Answer »Answer: (d)
Question : 2
Which of the following statements is/are true?
- If increase in demand and supply are of equal magnitude, the price will remain unchanged, but the equilibrium quantity will increase.
- If increase in demand is of greater magnitude than increase in supply, both equilibrium price and equilibrium quantity will increase.
- If increase in supply is of greater magnitude than increase in demand, equilibrium price will fall but equilibrium quantity will increase.
a) 1 and 2 only
b) 2 and 3 only
c) 1 only I
d) 1, 2 and 3
Answer »Answer: (d)
Question : 3
For measuring the changes in the price level of the country, which among the following index number is used?
a) Security price index number
b) Wholesale price index number
c) Consumer price index number
d) Production index number
Answer »Answer: (c)
Question : 4
The base of Consumer Price Index for Industrial Workers is being shifted from 1982 to—
a) 1998
b) 2000
c) 1995
d) 2001
Answer »Answer: (d)
The base of CPI for industrial worker is being shifted from 1982 to 2001.
Question : 5
Inflation is best described as
a) increase in purchasing power
b) increase in price of particular goods
c) high prices
d) increase in price index
Answer »Answer: (b)
Question : 6
In view of the fact that kerosene is an inferior good in India, what is/are its implication(s)?
- As households get richer, they consume less kerosene.
- Over time there is a decline in quality of kerosene.
- Government needs to stop subsidies on kerosene.
a) 1 and 2 only
b) 2 and 3 only
c) 1 only
d) 1, 2 and 3
Answer »Answer: (c)
Generally Kerosene is used as fuel by the poor, as they get prosperity, they use little of this fuel.
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