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Economics Questions and Answers for Competitive Exams | Indian Economy Quiz Set 24

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(1) The form of multi commodity terms of trade is most closely related to :
(1) Laspeyre’s index number
(2) Paasche’s index number
(3) Edgworth - Marshall index number
(4) Fisher’s index number
Answer: Laspeyre’s index number
(2) If the foreign offer curve has an unitary elasticity, then the optimum tariff will be :
(1) unity
(2) infinity
(3) zero
(4) 21
Answer: infinity

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(3) An overvalued Indian rupee in the foreign exchange market will have which one of the following consequence ?
(1) Make imports cheaper and exports costlier
(2) Make imports costlier and exports cheaper
(3) Give protection to domestic industry against foreign competition
(4) Will improve balance of payments
Answer: Make imports cheaper and exports costlier
(4) Which of the following issues were not addressed in Urugvay Round ?
(1) Migration
(2) IPRs
(3) Services
(4) Tariff
Answer: Migration
(5) The terms of trade refer to :
(1) The excess of import expenditure over export earnings
(2) Trade agrument between two nations
(3) The ratio between export and import prices
(4) The terms and conditions on which a country is offered loan in the event of BOP difficulties
Answer: The ratio between export and import prices
(6) ‘Plan Holiday’ in Indian planning is identified with the period :
(1) 1966 - 69
(2) 1979 - 81
(3) 1985 - 87
(4) 1991 - 93
Answer: 1966 - 69
(7) For a linear demand curve, which of the following is true ?
(1) Elasticity of demand is unity at all points.
(2) Elasticity of demand is constant at all points.
(3) Elasticity increases as one slides down the demand curve.
(4) Elasticity declines as one slides down the demand curve.
Answer: Elasticity declines as one slides down the demand curve.
(8) A discriminating monopolist will charge a lower price in the market in which the price elasticity of :
(1) demand is greater
(2) supply is smaller
(3) demand is smaller
(4) supply is greater
Answer: demand is greater
(9) What is a public limited company ?
(1) owned by the government
(2) owned by share-holders
(3) owned by financial institutions
(4) owned by MNCs
Answer: owned by share-holders
(10) Between the two situations for a firm profit maximization and sales revenue maximization, the equilibrium for a profit maximiser as compared to sales revenue maximiser, takes place at :
(1) larger output and lower price
(2) lower output and higher price
(3) lower output and lower price
(4) larger output and larger price
Answer: lower output and higher price
(11) Product differentiation is relevant to which set of the following market forms ?
(1) Monopoly, Monopolistic Competition, Oligopoly
(2) Perfect Competition, Monopoly, Oligopoly.
(3) Monopolistic Competition, Oligopoly and Oligopsony.
(4) Perfect Competition, Monopoly and Bilateral monopoly
Answer: Monopolistic Competition, Oligopoly and Oligopsony.
(12) Who among the following economists emphasized the role of non-economic factors in explaining growth ?
(1) R.M. Solow
(2) Roy Harrod
(3) N. Kaldor
(4) E. Domar
Answer: N. Kaldor
(13) Which one of the following is not an Hirofumi Ujawa condition for a well behaved production function ?
(1) Continuously differentiable
(2) When x50, f(x)50
(3) The second derivative of the function is negative
(4) The function is concave
Answer: The function is concave
(14) Exponents of the Cobb-Douglas production represent :
(1) Output elasticity of factors
(2) Share of factor income in total income
(3) Both (1) and (2) of the above
(4) Neither (1) nor (2) of the above
Answer: Both (1) and (2) of the above
(15) Concept of scale economies applies in :
(1) Long - run with constant technical coefficients.
(2) Long - run with variable technology.
(3) Short - run with constant technology.
(4) Short - run with variable technical coefficient.
Answer: Long - run with constant technical coefficients.

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