introduction to macro economics section 4 MCQ Questions & Answers Detailed Explanation
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The following question based on Introduction to Macro Economics topic of indian economy mcq
(a) lower
(b) minimum
(c) higher
(d) same
The correct answers to the above question in:
Answer: (d)
An indifference curve may be defined as the locus of points, each representing a different combination of two substitute goods, which yield the same utility or level of satisfaction to the consumer. Therefore, he is indifferent between any two combinations of goods when it comes to making a choice between them.
So if, for example, a consumer makes five combinations a, b, c, d and e of two substitute commodities, X and Y, all these combinations yield the same level of satisfaction indicated by U.
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Read more introduction to macro economics Based Indian Economy Questions and Answers
Question : 1
An increase in national income because of an increase in price is called
a) an increase in money national income
b) an increase in national income at base year prices
c) an increase in national income at constant prices
d) an increase in national income in real terms
Answer »Answer: (b)
To find the real value of changes in output under inflationary conditions, the effects of any general price increase (price inflation) must be taken into account.
This is done by holding prices constant from a starting measure, called the base year. It holds prices constant in terms of the prices existing in the base year.
Question : 2
Which of the statements is correct about India’s national income?
a) Percentage share of services is higher than industry
b) Percentage share of services is higher than agriculture and industry put together
c) Percentage share of industry is higher than agriculture
d) Percentage share of agriculture is higher than services
Answer »Answer: (b)
The services sector has the largest share in the GDP, accounting for 55% in 2007, up from 15% in 1950.
Industry accounts for 28% of the GDP and employs 14% of the total workforce. Agriculture and allied sectors like forestry, logging and fishing accounted for 15.7% of the GDP in 2009–10.
Question : 3
One of the features of a free market economy is
a) rationing and price control
b) consumer’s sovereignty
c) public ownership of factors of production
d) active state intervention
Answer »Answer: (b)
Consumer Sovereignty is one of the features of a free-market economy.
It refers to the assertion consumer preferences determine the production of goods and services. In a free market system, market performance is in fact responsive to the specific wants of the consumers within the system.
Question : 4
Apart from the availability of raw material location of an industry is also dependent on the availability of:
a) transport and bio energy
b) water and inputs
c) man power and energy source
d) enviornmental protection and vegetation
Answer »Answer: (c)
Some of the factors which affect the industrial location are as follows:
- availability of raw materials,
- availability of labour,
- availability of capital,
- availability of power,
- availability of market and
- infrastructure.
A good supply of labour is one of the traditional factors that are indispensable for industry.
Besides, the availability of power/electricity is also a deciding factor.
Question : 5
Insider trading is related to
a) Credit market
b) Horse racing
c) Share market
d) Trade sector
Answer »Answer: (c)
Insider trading is the trading of a public company’s stock or other securities by individuals with access to non-public information about the company. It is related to share markets.
Insider trading is an unfair practice, wherein the other stockholders are at a great disadvantage due to the lack of important insider nonpublic information.
Question : 6
Per capita income is equal to
a) National Income – Population
b) National Income × Population
c) National Income + Population
d) $\text"National Income"/\text"Total Population of thecountry"$
Answer »Answer: (d)
Per capita income or average income or income per person is the mean income within an economic aggregate, such as a country or city.
It is calculated by taking a measure of all sources of income in the aggregate (such as GDP or Gross National Income) and dividing it by the total population.
GET Introduction to Macro Economics PRACTICE TEST EXERCISES
introduction to macro economics section 1
introduction to macro economics section 2
introduction to macro economics section 3
introduction to macro economics section 4
introduction to macro economics section 5
introduction to macro economics section 6
Introduction to Macro Economics Shortcuts and Techniques with Examples
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