Question:

RBI was nationalized in

A.

June 1947

B.

Jan. 1949

C.

March 1954

D.

April 1936

Answer» b. Jan. 1949

Question:

GDP is defined as

A.

The market value of all goods and services produced in the domestic economy during the year

B.

Current value of all the capital goods produced in the country.

C.

Sum of goods and services exported during the year.

D.

All the capital goods and consumable goods produced and sold during the year

Answer» a. The market value of all goods and services produced in the domestic economy during the year

Question:

In an open economy

A.

GDP=GNP

B.

GDP>GNP

C.

GDP<GNP

D.

All the three are possible

Answer» d. All the three are possible

Question:

If the cost of production of a cake in bakery is `20 per cake which is ultimately sold to the customer after packing and transporting to the retail shops at `25 per cake. The value added is

A.

`5

B.

`20

C.

`25

D.

`4

Answer» a. `5

Question:

Which of these is/are not included in net domestic product at factor cost.

A.

Wages or compensation of employees

B.

Rent, interest, profits or operating surplus

C.

Mixed income

D.

None

Answer» d. None

Question:

In a mixed economy which sector(s) is/ are found

A.

Private Only

B.

Public sector only

C.

None

D.

Both a and b

Answer» d. Both a and b

Question:

Micro economics theory deals with

A.

Economic behavior of individual economic decision making units

B.

Economy as a whole

C.

Trade relations

D.

Economic growth of the society

Answer» a. Economic behavior of individual economic decision making units

Question:

Under perfect market conditions a firm is said to be in equilibrium where

A.

Total output is equal to total demand

B.

Profit is the maximum

C.

Where the total revenue is maximum

D.

Where total average cost is the minimum

Answer» b. Profit is the maximum

Question:

Which of these is an economic activity

A.

A father teaching his son at home instead of sending to any coaching centre

B.

A hair dresser doing hair cut designing on payment

C.

A housewife mending her family cloths on her own

D.

A singer giving a show on his son’s wedding anniversary

Answer» b. A hair dresser doing hair cut designing on payment

Question:

A monopoly firm makes more profit because

A.

It has ability to choose among price and output combination

B.

It can discriminate price

C.

It leave the consumer with no consumer surplus

D.

it acts as a market leader

Answer» a. It has ability to choose among price and output combination