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

Questions
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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