Economics Questions and Answers for Competitive Exams | Indian Economy Quiz Set 39

Questions
1 The oligopoly model in which the businessman assumes that his competitors output are fixed and simultaneously decide how much to produce is
1 Cournot oligopoly model
2 Stackelberg oligopoly model
3 Chamberlin’s oligopoly model
4 Bertrand oligopoly model

Answer:Cournot oligopoly model
2 The cost incurred by the firm in hiring labour is called as
1 Explicit Cost
2 Implicit Cost
3 Marginal Cost
4 Total Cost

Answer:Explicit Cost

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3 The locus of Pareto Optimality in Production and Consumption is given by
1 The Social Welfare Function
2 The Utility Possibility Curve
3 The Transformation Curve
4 The Grand Utility Possibility Curve

Answer:The Utility Possibility Curve
4 The condition of Pareto Optimality holds correct under
1 Perfect Competition
2 Monopolistic Competition
3 Oligopoly
4 Monopoly

Answer: Perfect Competition
5 In whose growth model, entrepreneur’s significance is pivotal ?
1 Keynes
2 Schumpeter
3 Harrod
4 Domar

Answer:Schumpeter
6 The classical model of economic development emphasises
1 Laissez-Faire Policy
2 Capital Accumulation
3 Both (A) and (B)
4 None of these

Answer: Both (A) and (B)
7 What does change in economic growth ?
1 Structure of economy
2 Mindsets of people
3 National Income
4 None of these

Answer:National Income
8 ‘Vent for surplus approach’ is applicable to
1 Rich countries
2 Underdeveloped countries
3 Oil exporting countries
4 None of the above

Answer:Underdeveloped countries
9 The distribution of the burden of paying a tax is called
1 Sharing of tax burden
2 Shifting of the tax
3 Incidence of a tax
4 Tax capitalization

Answer:Incidence of a tax
10 Plant load factor of thermal power stations in India in recent years has been around
1 50 percent
2 60 percent
3 70 percent
4 80 percent

Answer:70 percent
11 In which year the Kissan Credit Card System was introduced ?
1 1978
2 1998
3 1988
4 2008

Answer: 1998
12 Productivity of groundnut is highest in
1 Mexico
2 India
3 U.S.A.
4 China

Answer:U.S.A.
13 NAFED is a
1 Company
2 Non-Government Organisation
3 Government Body
4 Cooperative Organisation

Answer:Cooperative Organisation
14 Which is a non-probability based sampling method ?
1 Systematic Sampling
2 Stratified Random Sampling
3 Quota Sampling
4 Simple Random Sampling

Answer:Quota Sampling
15 Which of the following satisfy time reversal test but not factor reversal test ?
1 Laspeyre’s Index No.
2 Fisher’s Index No.
3 Paasche’s Index No.
4 Marshall-Edgeworth Index No.

Answer:Marshall-Edgeworth Index No.

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