Indian Economy Questions Practice Question and Answer
8 Q: Which of the following statements is correct?
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6336e8b55c208a6bf71b7807- 1Most workers will work for less than their reservation wagefalse
- 2The reservation wage is the maximum amount of any firm will pay for a workerfalse
- 3Economic rent is the difference between the market wage and the reservation wagetrue
- 4Economic rent is the amount one must pay to enter a desirable labour marketfalse
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Answer : 3. "Economic rent is the difference between the market wage and the reservation wage"
Q: As per estimates of the Planning Commission of India the target growth rate of 12th Five-Year Plan is set to
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601bc4847c5c886562ae88c5- 17 to 8%false
- 28.0% to 8.5%true
- 39% to 9.5%false
- 410 to 10.5%false
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Answer : 2. "8.0% to 8.5%"
Explanation :
The Approach Paper has proposed a target of 8 per cent growth for the Twelfth Plan. Health, education and skill development, environment and natural resources, and infrastructure development were the focus areas of the Twelfth Plan.
Q: In Economics, buying an asset in one market and simultaneously selling an identical asset in another market at a higher price is termed as ____________.
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5f572bd6f13b91397f39d344- 1Depreciationfalse
- 2Mortgagefalse
- 3Devaluationfalse
- 4Arbitragetrue
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Answer : 4. "Arbitrage"
Q: Externality theory is the basic theory of the following branch of Economics–
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60123f07178b94051cee4942- 1International Economicsfalse
- 2Environomicstrue
- 3Fiscal Economicsfalse
- 4Macro Economicsfalse
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Answer : 2. "Environomics"
Q: Values of total goods and services produced in a country is its _____.
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5f437c5d77e1d45e845c02fc- 1Gross Revenue Incomefalse
- 2Gross Domestic Producttrue
- 3Total Goods Revenuefalse
- 4Total Incomefalse
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Answer : 2. "Gross Domestic Product "
Q: Economic survey is published by
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5ec37b5e980ff60a66bdf329- 1Ministry of Financetrue
- 2Planning commissionfalse
- 3Government of Indiafalse
- 4Indian Statistical Institutefalse
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Answer : 1. "Ministry of Finance "
Q: Diamonds are priced higher than water because–
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60123fc3178b94051cee4ac7- 1consumers do not buy them at lower prices.false
- 2they are sold by selected firms with monopolistic powers.true
- 3their total utility to buyers is higher than that of water.false
- 4their marginal utility to buyers is higher than that of waterfalse
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Answer : 2. "they are sold by selected firms with monopolistic powers."
Q: Which method is used in calculating national income in India?
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5f029be8ce72ee4f9c9c132b- 1Origin calculation methodfalse
- 2Income Lawfalse
- 3both of the abovetrue
- 4None of thesefalse
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