Interesting Economic Questions for Students
The Indian economy is the 6th largest in the world, measured by nominal GDP and the 3rd largest by purchasing power parity. It is characterized by a mixed economy, where the public sector coexists with the private sector, and the agriculture, services, and manufacturing sectors play important roles. The Indian economy has seen significant growth in recent decades, but still faces challenges such as poverty, corruption, and infrastructure issues. Nevertheless, India's rapidly growing population and increasing integration into the global economy make it a key player in the future of world economics.
Economic Questions
In this article, Interesting Economic Questions and Answers, we are giving important Indian Economic 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, Interesting Economic Questions and answers are generally asked in government and competitive exams.
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Interesting Economic Questions
Q : There is no change in demand for a commodity when its price changes more. What demand will this be called?
(A) elastic
(B) inelastic
(C) perfectly inelastic
(D) highly elastic
Correct Answer : B
Explanation :
When the demand of a quantity does not change as a result of a change in the price of a commodity, the demand of that commodity is called a perfectly inelastic demand. In this case, the elasticity of demand is zero.
When the demand curve of a commodity is parallel to the X-axis, then the demand for that commodity is elastic.
(A) zero
(B) unit
(C) more than unit
(D) complete
Correct Answer : D
Explanation :
Demand curve is parallel to X- axis n case of perfectly elastic demand. A perfectly elastic demand refers to the situation when demand is infinite at the prevailing price.
Do regulated markets aim at developing a marketing structure to achieve which of the following?
(A) Widening the price spread between producer and consumer
(B) Reducing the price spread between producer and consumer
(C) Increase in non-working capital of traders
(D) Maximizing the non-working capital of the agents
Correct Answer : B
Economic rent does not increase when a factor (output) unit is supplied by
(A) completely inelastic
(B) perfectly elastic
(C) relatively elastic
(D) relatively inelastic
Correct Answer : B
Which of the following is the most important feature of product differentiation?
(A) Pure competition
(B) Monopolistic competition
(C) Monopoly
(D) Oligopoly
Correct Answer : B
What is a situation called in which many firms produce similar goods?
(A) Perfect competition
(B) Monopolistic competition
(C) Pure Competition
(D) oligopoly
Correct Answer : A
The difference between the price a consumer is ready to pay for a commodity and the price actually paid by him is called
(A) Consumer surplus
(B) Producer surplus
(C) Landlord surplus
(D) Surplus of labor
Correct Answer : A
It is prudent to determine the quantity of production when the industry is in operation
(A) in case of increasing returns
(B) in case of constant returns
(C) in case of diminishing returns
(D) in case of negative returns
Correct Answer : B
The demand for which of the following substances will not increase even if its price decreases?
(A) television
(B) refrigerator
(C) salt
(D) meat
Correct Answer : C
When the price of a substitute for a good X falls, then the demand for X
(A) climbs
(B) descends
(C) no change takes place
(D) any one of the above
Correct Answer : B
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enhttps://www.examsbook.com/interesting-economic-questions41interesting-economic-questionsAbout 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/.
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