Easy Indian Economics GK Questions and Answers

Rajesh Bhatia10 months ago 1.5K Views Join Examsbookapp store google play
Easy Indian Economics GK Questions and Answers

India's economy is diverse, with agriculture, manufacturing, and services being the major sectors. Agriculture has traditionally been a significant contributor to the Indian economy, with a large population dependent on it for their livelihoods. The manufacturing sector has seen significant growth in recent years, particularly in areas such as automobiles, pharmaceuticals, and electronics. The service sector, which includes industries such as IT, telecommunications, and finance, has been a major contributor to India's economic growth in recent years.

Indian Economics GK Questions

In this article, Easy Indian Economics GK Questions and Answers, we are giving important Indian Economic GK Questions related to the private sector, and the agriculture, services, and manufacturing sectors for those learners who are preparing for upcoming competitive exams. Under the Indian Economy section, Easy Indian Economics GK Questions and Answers are generally asked in government and competitive exams. 

Also, Read Latest Current Affairs Questions 2022: Current Affairs Today 

Students can quickly get free General Knowledge Mock Test and Current Affairs Mock Test on this platform for online exam practice to obtain good marks in competitive exams.

Easy Indian Economics GK Questions and Answers

  Q :  

In which of the following market structures, there is a variable demand curve?

(A) Perfect competition

(B) Monopoly

(C) Oligpoly

(D) Monopolistic competition

Correct Answer : C

Q :  

Which one of the following factors does not shift the demand curve for a product to the right?

(A) to advertise successfully

(B) fall in the price of its complements

(C) increase in the price of its substitutes

(D) fall in the price of the product itself

Correct Answer : B

Q :  

On what basis does the monopolist resort to price discrimination?

(A) Elasticity of supply

(B) elasticity of demand

(C) law of demand

(D) law of supply

Correct Answer : B

Q :  

The supply of labour in the economy depends on

(A) Population

(B) National Income

(C) Per capita income

(D) Natural resources

Correct Answer : A

Q :  

The elasticity of demand also measures the responsiveness of the quantity demanded of a commodity.

(A) Change in the price of the commodity.

(B) Change in the price of the substitute good

(C) Change in price of complementary good

(D) Change in price of joint products

Correct Answer : A

Q :  

What does the consumption function express the relationship of consumption with?

(A) Saving

(B) Income

(C) Investment

(D) Price

Correct Answer : B

Q :  

In which market structure the market demand curve is represented by the demand curve of the firm?

(A) Monopoly

(B) Oligarchy

(C) Dual rights

(D) Perfect competition

Correct Answer : A
Explanation :

Since all firms in perfect competition sell identical products and face the same market price, the market demand curve is determined by horizontally summing the individual firm's demand curves. Therefore, the market demand curve coincides with the demand curve of a single firm in perfect competition.

Q :  

Name the function that represents the number of products a seller is willing to sell at a given price level.

(A) demand curve

(B) Price (cost) curve

(C) supply curve

(D) none of these

Correct Answer : B

Q :  

What happens when there is a decrease in demand or an increase in the supply of a commodity?

(A) the prices of things go up

(B) the prices of things go down

(C) prices stabilize

(D) the movement of prices is determined

Correct Answer : B

Q :  

The demand curve of a firm under perfect competition is:

(A) horizontal to OX-axis

(B) negative slope

(C) positive slope

(D) U-shaped

Correct Answer : A

Showing page 1 of 5

    Choose from these tabs.

    You may also like

    About author

    Rajesh Bhatia

    A Writer, Teacher and GK Expert. I am an M.A. & M.Ed. in English Literature and Political Science. I am highly keen and passionate about reading Indian History. Also, I like to mentor students about how to prepare for a competitive examination. Share your concerns with me by comment box. Also, you can ask anything at linkedin.com/in/rajesh-bhatia-7395a015b/.

    Read more articles

      Report Error: Easy Indian Economics GK Questions and Answers

    Please Enter Message
    Error Reported Successfully