71
Who among the following formulates fiscal policy in India?
A)
Planning commission
B)
Finance ministry
C)
Finance commission
D)
Reserve Bank of India
Answer & Solution
Answer: Option
B
72
When a seller equates price and MC to maximize profit under perfect competition, a monopolist must equate
A)
AR and MC
B)
AR and MR
C)
MR and MC
D)
TR and MC
Answer & Solution
Answer: Option
C
73
Match the following.
List-I List-II
a. Dumping
1. Monopolistic competition
b. Kinked revenue curve
2. Oligopoly firm
c. Horizontal straight line revenue curve
3. Perfectively competitive firm
d. Large number of buyers and sellers with differentiated goods
4. Discriminatory monopoly
A)
a-1, b-4, c-3, d-2
B)
a-2, b-4, c-1, d-3
C)
a-4, b-2, c-3, d-1
D)
a-1, b-2, c-3, d-4
Answer & Solution
Answer: Option
C
74
Which of the following is not included in the net national product (NNP) at factor costs?
A)
Undistributed profit
B)
Fine/tax
C)
Consumption of fixed capital
D)
Interest
Answer & Solution
Answer: Option
D
75
The distribution of resources in a free market economy is determined by
A)
Voting of the customers
B)
Central planning authority
C)
Based on the preference of the customers
D)
On the basis of profit of the firm
Answer & Solution
Answer: Option
C
76
Who is assumed as the father of economics?
A)
Adam Smith
B)
Robinson
C)
Marshall
D)
George Bernard
Answer & Solution
Answer: Option
A
77
Which of the following equations is applicable under income method?
A)
Rent + Wages + Interest + Profit
B)
Market value of the goods
C)
Consumption + Savings
D)
None of the above
Answer & Solution
Answer: Option
A
78
Which one of the following statemetns is true for the Quasi rent?
A)
In the short run by all the means of production
B)
In the long run by all the means of production
C)
In the long run by the fixed means of production
D)
In the short run by the fixed means of production
Answer & Solution
Answer: Option
D
79
Ceteris paribus, a change in the price of a commodity causes the quantity purchased of its complements to move
A)
In the same direction
B)
In the opposite direction
C)
In an improper
D)
Cannot be determined
Answer & Solution
Answer: Option
B
80
If Personal Income is Rs. 62,000; Undistributed profit is Rs. 400; Corporate Tax is Rs. 1,000 and Transfer payments is Rs. 2,000, then National Income will be
A)
Rs. 59,400
B)
Rs. 61,400
C)
Rs. 58,600
D)
Rs. 63,400
Answer & Solution
Answer: Option
B
