Indian Economy Practice Question and Answer

Q:

When was the Life Insurance Corporation of India established?

750 0

  • 1
    1960
    Correct
    Wrong
  • 2
    1980
    Correct
    Wrong
  • 3
    1956
    Correct
    Wrong
  • 4
    1975
    Correct
    Wrong
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Answer : 3. "1956"

Q: To the economist, total cost includes 1500 0

  • 1
    neither implicit nor explicit costs.
    Correct
    Wrong
  • 2
    implicit, but not explicit, costs.
    Correct
    Wrong
  • 3
    explicit, but not implicit, cost.
    Correct
    Wrong
  • 4
    explicit and implicit costs.
    Correct
    Wrong
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Answer : 4. "explicit and implicit costs."
Explanation :

Answer: D) explicit and implicit costs. Explanation:

Q: Which of the following activities are examples of data gathering? 3909 0

  • 1
    Counting the votes in an election to determine the next governor
    Correct
    Wrong
  • 2
    Making a pie chart showing the kinds of television sets owned by people in a sample of 1,000
    Correct
    Wrong
  • 3
    Finding the mean weight of cancer patients in a study
    Correct
    Wrong
  • 4
    Using the results of a mathematical model to predict the next day's weather
    Correct
    Wrong
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Answer : 1. "Counting the votes in an election to determine the next governor"
Explanation :

Answer: A) Counting the votes in an election to determine the next governor Explanation: Option A) "Counting the votes in an election to determine the next governor"  is the only one where data gathering is done.   In all other options, data is already collected and now analyzing of data is going on.

Q:

According to law of supply, if everything is equal then an increase in price results in ________. 

723 0

  • 1
    Decrease in quantity supplied
    Correct
    Wrong
  • 2
    Increase in quantity supplied
    Correct
    Wrong
  • 3
    Decrease in quantity demanded
    Correct
    Wrong
  • 4
    Increase in quantity demanded
    Correct
    Wrong
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Answer : 2. "Increase in quantity supplied "

Q:

Which is one of the factors of subsistence used to measure the Poverty Line in India?

722 0

  • 1
    Equality
    Correct
    Wrong
  • 2
    Education
    Correct
    Wrong
  • 3
    Internet
    Correct
    Wrong
  • 4
    Transportation
    Correct
    Wrong
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Answer : 2. "Education"

Q:

Which of the following is not a state tax? 

814 0

  • 1
    Wealth Tax
    Correct
    Wrong
  • 2
    Excise duty on liquor
    Correct
    Wrong
  • 3
    Sales Tax
    Correct
    Wrong
  • 4
    Professional Tax
    Correct
    Wrong
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Answer : 1. "Wealth Tax "

Q:

Cause of Inflation is -

1101 0

  • 1
    Increase in money supply
    Correct
    Wrong
  • 2
    Fall in production
    Correct
    Wrong
  • 3
    Increases in money supply and fall in production
    Correct
    Wrong
  • 4
    Decrease in money supply and fall in production
    Correct
    Wrong
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Answer : 3. "Increases in money supply and fall in production "

Q:

Who among the following formulates the monetary policy in India?

895 0

  • 1
    Finance Commission of India
    Correct
    Wrong
  • 2
    Reserve Bank of India
    Correct
    Wrong
  • 3
    NITI Aayog
    Correct
    Wrong
  • 4
    The Ministry of Statistics and Programme Implementation
    Correct
    Wrong
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Answer : 2. "Reserve Bank of India "

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