demand & supply, profit loss, inflation & price index section 3 Practice Questions Answers Test with Solutions & More Shortcuts
Demand & Supply, Profit Loss, Inflation & Price Index PRACTICE TEST [3 - EXERCISES]
demand & supply, profit loss, inflation & price index section 1
demand & supply, profit loss, inflation & price index section 2
demand & supply, profit loss, inflation & price index section 3
Question : 21
Inflation in India is measured on which of the following indexes / indicators?
a) Gross Domestic Product (GDP)
b) Cost of Living Index (CLI)
c) Consumer Price Index (CPI)
d) Wholesale Price Index (WPI)
Answer »Answer: (d)
Inflation in India is measured on the Wholesale Price Index (WPI). The wholesale price index (WPI) is based on the wholesale price of a few relevant commodities or over commodities available.
Cost of Living Index - It is a theoretical price index that measures the relative cost of living over time or regions.
Consumer Price Index - It is a measure that examines the weighted average of prices of a basket of consumer goods & services such as transportation food and medical care.
Question : 22 [CDS-2015-II]
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.
IMPORTANT indian economy mcq EXERCISES
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indian economy MCQ CATEGORIES
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» Introduction to Indian Economy
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» Planning, Economic Development & Five year Plans
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» National Income & Human Development Index
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» Agriculture Sector, Subsidy and Food Processing
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» Industries, Manufacturing & Service Sectors
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» Inclusive growth, Sustainable development and employment
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» Poverty & Unemployment
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» Introduction to Micro Economics
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» Introduction to Macro Economics
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» Macro fundamentals, GDP, Investment, Growth
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» Demand & Supply, Profit Loss, Inflation & Price Index
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» Fiscal Policy, Public Finance and Monetary Policy
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» Money Supply, Banking and Financial Institutions
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» Taxes Types, Methods & Budgeting Process
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» Banking, Security Market & Insurance
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