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In this article Indian Economics GK Quiz for SSC Exams, we are sharing the latest and most important Indian Economics GK Quiz with Answers related to GST, the Economy of India, Rates, Income Tax etc for those learners who are preparing for those learners who are preparing for upcoming competitive exams.
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Q : What is the number of indicators in the Multidimensional Poverty Index?
(A) 7
(B) 12
(C) 10
(D) 9
The MPI measures poverty using three dimensions: health, education, and standard of living. These dimensions are further broken down into ten indicators, including child mortality, nutrition, years of schooling, school attendance, cooking fuel, sanitation, drinking water, electricity, housing, and assets.
According to the census 2011, the male literacy rate in India is ______.
(A) 81.14 per cent
(B) 82.14 per cent
(C) 84.14 per cent
(D) 83.14 per cent
As per the census of 2011, the literacy rate of India is 74.04%. Literacy rate among the males is 82.14% and among females is 65.46%.
The year whose prices are being used to calculate the real GDP is called ______.
(A) Current year
(B) Constant year
(C) Base year
(D) Fiscal year
Who is a price taker in perfect competition?
(A) Industry
(B) Government
(C) Firm
(D) Buyer
Perfect competition occurs when there are many sellers, there is easy entry and exiting of firms, products are identical from one seller to another, and sellers are price takers.
Which of the following is an inverted 'U' shaped curve?
(A) average cost
(B) marginal cost
(C) total cost
(D) total cost
MP curve is an inverted U-shaped curve.
The demand for an inferior good falls when
(A) price increases
(B) income increases
(C) the price decreases
(D) the price decreases
In economics, the demand for inferior goods decreases as income increases or the economy improves. When this happens, consumers will be more willing to spend on more costly substitutes.
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
Supply curve is the curve which shows the quantity of products a seller wishes to sell at a given price level. Supply curve projects different level of goods which can be suppliied by the producers at different levels.
The supply of labour in the economy depends on
(A) Population
(B) National Income
(C) Per capita income
(D) Natural resources
The supply of labour also depends on the proportion of working population in the total labour force. This partly depends on the minimum age at which a person can join the labour force and engage in full time employment.
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
Price discrimination is practiced based on the seller's belief that customers in certain groups can be asked to pay more or less based on certain demographics or on how they value the product or service in question.
(A) Rajeev Gandhi
(B) Mahatama Gandhi
(C) Indira Gandhi
(D) Jawahar Lal Nehru
The Government of India passed the Mahatma Gandhi National Rural Employment Guarantee Act, 2005 in September, 2005. The Act gives legal guarantee of a hundred days of wage employment in a financial year to adult members of a rural household who demand employment and are willing to do unskilled manual work.
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