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.
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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
Explanation :
There is freedom of entry and exit. Sellers have perfect knowledge about the market conditions. They are price taker. Price Elasticity of Demand of a firm is Infinite which means demand curve for Perfect competition is a Perfectly Elastic.
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
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
The supply of labour in the economy depends on
(A) Population
(B) National Income
(C) Per capita income
(D) Natural resources
Correct Answer : A
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
What does the consumption function express the relationship of consumption with?
(A) Saving
(B) Income
(C) Investment
(D) Price
Correct Answer : B
Explanation :
The consumption function is an economic formula that measures the relationship between income and total consumption of goods and services in the economy. The consumption function was introduced by John Maynard Keynes.
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.
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
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
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
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Rajesh Bhatia
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