Correct Answer: B
Explanation
Explanation
#
Correct Answered :
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A
intersect each other
B
is L shaped
C
is a straight line
D
is concave at the origin
A
Reduces labor taxes, especially at low income levels.
B
Accelerate the rate of capital formation and investment
C
Provide well-designed tax incentives that reduce the cost of capital
D
Increase the potential output as a major advanced and emerging market economies.
The foremost aim of fiscal policy in underdeveloped countries is to mobilize resources in the private and public sectors. ... Therefore, the governments of such countries through forced savings pushes the rate of investment and capital formation which in turn accelerates the rate of economic development.
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A
Company Demand
B
Composite Demand
C
Short-term Demand
D
Derived Demand
Derived demand—in economics—is the demand for a good or service that results from the demand for a different, or related, good or service. It is a demand for some physical or intangible thing where a market exists for both related goods and services in question. Derived demand can have a significant impact on the derived product`s market price.
Correct Answered :
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A
Only i
B
Only ii
C
Both i and ii
D
Both ii and iii
A
Sabki Yojna Sabka Vikas
B
Pradhan Mantri Kaushal Vikas Yojana
C
Pradhan Mantri Adhrash Gram Yojana
D
Mission Indradhanush
The People`s Plan Campaign commenced on 1st May to 15th June, 2020 for preparing GPDP for 2020-21. The campaign initiated under "Sabki Yojana Sabka Vikas" will be an intensive and structured exercise for planning at Gram Sabha through convergence between Panchayati Raj Institutions (PRIs) and concerned Line Departments of the State
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A
Dumping
B
Multi Plant Monopoly
C
Peak load Pricing
D
Price Ceiling
Dumping is a term used in the context of international trade. It`s when a country or company exports a product at a price that is lower in the foreign importing market than the price in the exporter`s domestic market.
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A
Business income
B
Long term capital gain
C
Short term capital gain
D
Income from other sources
A Cost Inflation Index table is used to calculate the long term capital gains from a transfer or sale of capital assets.
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Wrong Answered :
A
Globalization
B
Inflation
C
Liberalization
D
Economic growth
According to economist Coulborn, "too much money chasing too few goods" is a description of inflation. This is a definition of it as a monetary phenomenon rather than a phenomenon of rising prices. This is a common view perspective of the situation.
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A
Cost push inflation
B
Cost pull inflation
C
Demand pull inflation
D
Demand push inflation
According to Keynesian economists, inflation comes in two varieties: demand-pull and cost-push. Demand-pull inflation occurs when consumers demand goods, possibly because of the larger money supply, at a rate faster than production. Cost-push inflation occurs when the input prices for goods tend to rise, possibly because of a larger money supply, at a rate faster than consumer preferences change.
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A
Early 1990s
B
Early 1980s
C
Early 2000s
D
Late 1980s
Early 1990s
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A
Adam Smith
B
J.M. Keynes
C
Marshall
D
Pigou
J.M. Keynes opinions have revolutionised the scope of macro economics.
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A
Five Alphabets followed by four digits and an alphabet
B
Four Alphabets followed by five digits and an alphabet
C
Four alphabets follwed by six digits
D
Five alphabets followed by five digits
TAN structure is as follows: RAJA99999B: First four characters are letters, next five are numerals, last character is a letter. Each tax deductor is uniquely identified by a TAN. The first three characters represent the city or state where the TAN was issued.
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A
High per capita real income
B
Large proportion of labour force in the tertiary sector
C
State of deprivation of large proportion of population
D
Low per capita real income
An underdeveloped economy is characterised by state of deprivation of large proportion of population. Apart from that, other characteristics of an underdeveloped economy are low per capita income, a higher proportion of labour force involved in primary sector activities.
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A
The application of statistical and mathematical theories to economics
B
Calculations with regard to supply and demand
C
It is a branch of macro economics of mathematical methods
D
It is a branch of micro economics of mathematical methods
Econometrics is the use of statistical methods using quantitative data to develop theories or test existing hypotheses in economics or finance. Econometrics relies on techniques such as regression models and null hypothesis testing. Econometrics can also be used to try to forecast future economic or financial trends.
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A
Deflation
B
Stagflation
C
Consumption
D
Recession
Inflation is an increase in the general prices of goods and services in an economy. Deflation, conversely, is the general decline in prices for goods and services, indicated by an inflation rate that falls below zero percent.
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A
National Income
B
National Income+Taxes
C
National Income - Taxes
D
National Income + National Savings
Total level of expenditure in a national economy, equivalent to its total level of output and total level of income.
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A
Second Five Year Plan
B
Fourth Five year Plan
C
Fifth Five year Plan
D
Sixth Five year Plan
The Janta Government terminated the fifth five year plan in 1977-78 and launched its own sixth five year plan for period 1978-83 and called it a Rolling Plan.
Correct Answered :
Wrong Answered :
A
Income Method
B
Production Method
C
Expenditure Method
D
Source Method
Income method, also known as factor income method, is used to calculate all income accrued to the basic factors of production used in producing national product. Traditionally, there are four factors of production, namely land, labor, capital, and organization.
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A
the economy as a whole
B
the electronics industry
C
the study of individual economic behaviour
D
the interactions within entire econmy
Microeconomics is a branch of economics that studies the behaviour of individuals and firms in making decisions regarding the allocation of limited resources.
Correct Answered :
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A
Shriman Narayan Agarwal
B
P. Mahanbolish
C
Indira Gandhi
D
Jawahar Lal Nehru
Gandhian Plan: Sriman Narayan Agarwal formulated `Gandhian Plan` in 1944.
Correct Answered :
Wrong Answered :
A
Sixth Five Year Plan
B
Second Five Year Plan
C
Third Five Year Plan
D
First Five Year Plan
The third five-year plan was implemented during the 1961-1966 time period. It was emphasized on the need for growth in agriculture and hence production
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A
It refers to acquiring of final goods and services not through regular market transactions
B
It refers to the income which is available to the whole economy for spending or disposal
C
It refers to the flow of goods and services between sectors of economy
D
It refers to the flow of money between sectors of economy
National disposable income = National income + Net indirect taxes + Net current transfers from rest of the world simply put. Net Disposable Income Is the Income which is at the disposal of the nation as a whole for spending or disposal.
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Wrong Answered :
A
A. N Cairncross
B
David Ricardo
C
Ragnar Nurkse
D
G. Mrydal
This statement was given by Cairncross a famous economist whose findings are basis for macroeconomic study in the current economic world.
Correct Answered :
Wrong Answered :
A
Philips Curve
B
Marshall Concept
C
Demand and Supply
D
Wants and Demands
The Phillips curve shows the relationship between inflation and unemployment. In the short-run, inflation and unemployment are inversely related; as one quantity increases, the other decreases. In the long-run, there is no trade-off.
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A
assumes that there is a single homogenous good produced by capital and labor
B
was originally conceived of by Robert Solow
C
was originally conceived of by Adam Smith
D
assumes that there is a single homogenous good produced only by labor
Robert Solow and Trevor Swan first introduced the neoclassical growth theory in 1956. The theory states that economic growth is the result of three factors—labor, capital, and technology
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A
Running inflation
B
Scrolling inflation
C
Galloping inflation
D
Walking inflation
Types Of Inflation On The Basis Of Speed:
1.Creeping inflation: the inflationary rate is less than 2% that means prices are increasing gradually.
2.Walking inflation: the inflationary rate of a country is around 5% little more than creeping.
3.Running inflation: the rate of growth in prices are more i.e. the inflation is growing at the rate of 10%.
4.Galloping inflation: higher growth rate compared to the earlier stages i.e. the change is around 25%.
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A
NNP
B
GNP
C
GDP
D
Per Capita income
Increase in output of goods and services and in income does not imply an improvement in the standard of living of the people because GDP is a narrow indicator of economic development that does not include non-economic indicators such as leisure time, access to health, education, environment, freedom or social justice.
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Wrong Answered :
A
Fiscal policy
B
Monetary policy
C
Corporate policy
D
Government policy
Monetary policy refers to the actions of central banks to achieve macroeconomic policy objectives such as price stability, full employment, and stable economic growth. Fiscal policy refers to the tax and spending policies of the federal government.
Correct Answered :
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A
Low life expectancy
B
Low standard of education
C
Poor health care
D
Unemployment
Life expectancy is a statistical measure of the average time an organism is expected to live, based on the year of its birth, its current age, and other demographic factors including sex. The most commonly used measure is life expectancy at birth, which can be defined in two ways.
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A
Constraint
B
Feature
C
Objective
D
Criteria
Price discrimination charges customers different prices for the same products based on a bias toward groups of people with certain characteristics—such as educators versus the general public, domestic users versus international users, or adults versus senior citizens.
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A
Upward
B
Downward
C
Vertical
D
Horizontal
An upward-sloping labor supply curve means that an increase in the wage induces workers to increase the quantity of labor they supply.
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A
Harrod - Domar
B
Harrold - Dimmer
C
Doma - Harro
D
Dimman - Harrod
The First Five-year Plan was launched in 1951 which mainly focused in the development of the primary sector. The First Five-Year Plan was based on the Harrod–Domar model with few modifications.
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A
Perfect Market
B
Imperfect Market
C
Totally perfect
D
Oligopoly
In an oligopoly, there are only a few firms that make up an industry. This select group of firms has control over the price and, like a monopoly; an oligopoly has high barriers to entry. Main characteristic of oligopoly is interdependence of firms in the industry
Correct Answered :
Wrong Answered :
A
Cost Pull Inflation
B
Cost Push Inflation
C
Demand Push Inflation
D
Demand pull inflation
Demand pull inflation occurs when aggregate demand and output is growing at an unsustainable rate leading to increased pressure on scarce resources and a positive output gap
Correct Answered :
Wrong Answered :
A
Fransis. Y. Edworth
B
Adam Smith
C
Alfred Marshall
D
A.C. Pigou
The theory of indifference curves was developed by Francis Ysidro Edgeworth, who explained in his 1881 book the mathematics needed for their drawing; later on, Vilfredo Pareto was the first author to actually draw these curves, in his 1906 book.
Correct Answered :
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A
Knowledge
B
Entrepreneurship
C
Land
D
Capital
The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
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A
Communist
B
Socialist
C
Radicals
D
Marxist
The command economy is a key feature of any communist society. ... Also known as a planned economy, command economies have as their central tenet that government central planners own or control the means of production within a society.
Correct Answered :
Wrong Answered :
A
Correlation Coefficient
B
Gardey Coefficient
C
Gini Coefficient
D
Phi Coefficient
The Lorenz curve is a commonly used metric that allows for the quick and visual comparison of inequality across countries. The Gini coefficient uses information from the entire income distribution and is independent of the size of a country`s economy and population.
Correct Answered :
Wrong Answered :
A
Vertical Summation
B
Equilibrium
C
Horizontal summation
D
Interdependency
Horizontal (or lateral) summation
Correct Answered :
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A
Veblen Goods
B
Giffen Goods
C
Substitute Goods
D
Complementary Goods
Products such as jewels, diamonds and so on, confer distinction on the part of the user. ... Such products are called Veblen good.
Correct Answered :
Wrong Answered :
A
Aggregate Supply
B
Aggregate Demand
C
Difference between Export and Import
D
Domestic Consumption
In the short term, economic growth is caused by an increase in aggregate demand (AD). If there is spare capacity in the economy, then an increase in AD will cause a higher level of real GDP.
Correct Answered :
Wrong Answered :
A
Equilibrium curve
B
Multiplier
C
Demand curve
D
Gini-Lorenz Curve
Gini-Lorenz curve portrays the graph between cumulative shares of people from lowest to highest income versus cumulative share of income earned. It has a line of perfect equality in distribution of wealth with a slope equal to 1 against a curved line which represents unequal distribution of wealth (Lorenz curve). The area between the two lines is the Gini coefficient which measures the degree of inequality. Higher the Gini coefficient greater is the inequality and vice versa.
Correct Answered :
Wrong Answered :
A
Income
B
Demand
C
Substitution
D
Supply
Demand refers to the amount of goods and services that buyers are willing to purchase. Typically, demand decreases with increases in price, this trend can be graphically represented with a demand curve. Demand can be affected by changes in income, changes in price, and changes in relative price.
Correct Answered :
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A
Marginal Revenue Product
B
Marginal expense
C
Marginal Factor Cost
D
Marginal Budget
Change in revenue resulting from the employment of an extra unit of the factor is called Marginal Revenue Product (MRP) and the change in cost brought about by hiring an extra unit of the factor is called Marginal Factor Cost (MFC
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A
Quasi
B
Recardian
C
Economic
D
Normal
Quasi rent is the earning of capital equipments such as machineries, buildings etc., which are inelastic in supply, in short run.
Correct Answered :
Wrong Answered :
A
Adverse Selection
B
Moral Hazard
C
Rationality
D
Agency Problem
Asymmetric information can lead to adverse selection, incomplete markets and is a type of market failure. When looking at a car, a buyer can only see the externals and cannot know how reliable the engine is.
Correct Answered :
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A
Manufacturing
B
Agriculture
C
Services
D
Marine
tertiary sector. Tertiary sector mainly deals with services. Hence, tertiary sector is also known as service sector of the economy. Service sector is the largest contributor to GDP in India.
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Wrong Answered :
A
Capital
B
Final Goods
C
Resources
D
Investments
Capital goods are physical assets that a company uses in the production process to manufacture products and services that consumers will later use. Capital goods include buildings, machinery, equipment, vehicles, and tools. Capital goods are not finished goods, instead, they are used to make finished goods.
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A
lowers, lowers
B
raises, raises
C
lowers, raises
D
raises, lowers
Generally, as price increases, people are willing to supply more and demand less and vice versa when the price falls. The theory is based on two separate "laws," the law of demand and the law of supply. The two laws interact to determine the actual market price and volume of goods on a market.
Correct Answered :
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A
Imports
B
Output
C
Labour supply
D
Unemployment
To increase potential output , Factories had to pay higher wages to get workers to work
Correct Answered :
Wrong Answered :
A
Equally distributed
B
Unequally Distributed
C
Scarce
D
Unlimited
The fundamental concept of Economics about resources is that the resources are. ... Consider a world without scarcity of resources.
Correct Answered :
Wrong Answered :
A
All Prices would be Zero
B
Markets would be unnecessary
C
Economics would no longer be a useful Subject
D
All of the Above
In theory, if there was no scarcity the price of everything would be free, so there would be no necessity for supply and demand. There would be no need for government intervention to redistribute scarce resources. ... But, if there is no scarcity, then a fall in economic growth would be meaningless.
Correct Answered :
Wrong Answered :
A
Adam Smith
B
John keynes
C
Friedrich Hayek
D
Milton Friedman
Adam Smith is considered the founder of Microeconomics in general.
Correct Answered :
Wrong Answered :
A
Adam Smith
B
John keynes
C
Friedrich Hayek
D
Milton Friedman
John Maynard Keynes is the founding father of macroeconomics.
Correct Answered :
Wrong Answered :
A
Must be kept constant
B
Must also be analyzed
C
Must not be taken into consideration
D
None of these
The economic system operates without staffing how they should operate. ... Every law is subject to clause “other things being Constant”
Correct Answered :
Wrong Answered :
A
Land and Capital
B
Land and Labour
C
Land, Labour and Capital
D
Land, Labour, Capital and Investment
Factors of production are inputs used to produce an output, or goods and services. They are resources a company requires to attempt to generate a profit by producing goods and services. Factors of production are divided into four categories: land, labor, capital and entrepreneurship.
Correct Answered :
Wrong Answered :
A
GDP
B
GNP
C
GINI
D
HDI
The Gini index, or Gini coefficient, is a measure of the distribution of income across a population developed by the Italian statistician Corrado Gini in 1912. It is often used as a gauge of economic inequality, measuring income distribution or, less commonly, wealth distribution among a population.
Correct Answered :
Wrong Answered :
A
Opportunity cost
B
Purchasing Power Parity
C
Disposable Income
D
Consumer Price Index
Opportunity cost is the value of the best alternative forgone in making any choice.
Correct Answered :
Wrong Answered :
A
Quality of Goods
B
Quantity of Goods
C
Level of Income
D
Price of Goods
The role of the market is defined by two laws: the law of supply and the law of demand. ... The market includes consumers and producers, who together determine the price of a product. Prices affect what is produced, and who can afford what is produced.
Correct Answered :
Wrong Answered :
A
Microeconomics
B
Macroeconomics
C
Econometerics
D
Keynesian Economics
Macroeconomics is the branch of economics that deals with the structure, performance, behavior, and decision-making of the whole, or aggregate, economy.
Correct Answered :
Wrong Answered :
A
Microeconomics
B
Macroeconomics
C
Econometerics
D
Keynesian Economics
Econometrics is the application of statistical methods to economic data and is described as the branch of economics that aims to give empirical content to economic principles.
Correct Answered :
Wrong Answered :
A
Microeconomics
B
Macroeconomics
C
Econometerics
D
Bayesian Economics
Microeconomics is the study of individuals, households and firms behavior in decision making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues.
Correct Answered :
Wrong Answered :
A
Supply is increased
B
Demand is increased
C
Some one else is Improved
D
Someone else is made worseoff
An economy is in a Pareto Optimal state when no further changes in the economy can make one person better off without at the same time making another worse off.
Correct Answered :
Wrong Answered :
A
Consumption
B
Production
C
Saving
D
Inflation
Some taxes are charged to discourage a behavior or purchase of certain goods.
Correct Answered :
Wrong Answered :
A
Consumption
B
Production
C
Saving
D
Inflation
When government subsidies are implemented to the supplier, an industry is able to allow its producers to produce more goods and services. This increases the overall supply of that good or service,
Correct Answered :
Wrong Answered :
A
Land
B
Labour
C
Capital
D
All of these can be converted into Commodity.
Labour cannot be converted into commodity.
Correct Answered :
Wrong Answered :