Which of the following issue relates to micro-economics (a) Impact of crude price hike on inflation (b) Impact of change in bank rate on bank saving and investment (c) Impact of Information technology on economic growth (d) Impact of shortage of wheat production on wheat prices

Which of the following issue relates to micro-economics (a) Impact of crude price hike on inflation (b) Impact of change in bank rate on bank saving and investment (c) Impact of Information technology on economic growth (d) Impact of shortage of wheat production on wheat prices
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Answer :

(d) Impact of shortage of wheat production on wheat prices 
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If RBI wants to decrease the money supply in order to check inflation it will (a) Sell bonds ; (b) Increase CRR ; (c) Hike bank rate ; (d) All or any of the above three

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Last Answer : ; (d) All or any of the above three

Micro economics theory deals with (a) Economic behavior of individual economic decision making units; (b) Economy as a whole ; (c) Trade relations ; (d) Economic growth of the society

Description : Micro economics theory deals with (a) Economic behavior of individual economic decision making units; (b) Economy as a whole ; (c) Trade relations ; (d) Economic growth of the society

Last Answer : (a) Economic behavior of individual economic decision making units; 

In free economy the decision about investment, saving and consumption are decided by (a) Price mechanism ; (b) Central bank ;(c) Planning Commission ;(d) Finance budget

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Last Answer : (a) Price mechanism

Capital in economics means (a) Factor of production ; (b) Fund brought in by the entrepreneur; (c) Investment in shares, bank deposits ; (d) All the above

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Last Answer : (a) Factor of production ;

At a given price increase in quantity supplied can be possible if …………… (a) There is apprehension of sharp fall in prices in future ; (b) Refund or subsidy of statutory levy in cash is given by the Government; (c) Improvement in technology led to cost saving ; (d) All the three

Description : At a given price increase in quantity supplied can be possible if …………… (a) There is apprehension of sharp fall in prices in future ; (b) Refund or subsidy of statutory levy in cash is given by the Government; (c) Improvement in technology led to cost saving ; (d) All the three

Last Answer : ; (d) All the three

If the supply of a product remain same with the increase in price, the possible reasons can be (a) Apprehension of further price hike ; (b) Limited production facility; (c) Commodity being a rare commodity ; (d) All the three

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Last Answer : (d) All the three

The terms Micro economic and Macro economics were coined by (a) Professor A Samulson ; (b) Giffen ; (c) Prof. Ragner Frisch ; (d) Eagle

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Last Answer : (c) Prof. Ragner Frisch ;

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RBI check inflation by (a) Increasing bank rate ; (b) Increasing CRR ; (c) Both ; (d) None

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Last Answer : (c) Hike in unemployment allowance ;

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Description : Which of the following is correct for a price floor set above the equilibrium price? (a) quantity supplied is less than quantity demanded at the set price.; (b) at the set price there will be a shortage; (c) quantity supplied exceeds quantity demanded at the set price ; (d) None of above

Last Answer : (c) quantity supplied exceeds quantity demanded at the set price ;

Which of these is one of the causes of inflation? (a) Increase in public expenditure ; (b) Deficit financing ; (c) Increase in administrative prices (d) All the three

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Last Answer : (a) To arbitrate on international trade disputes. 

Equilibrium relates to which of these (a) Market condition which oscillate ; (b) Market state of falling price; (c) Market condition of rising price ; (d) Market conditions which once achieved tends to persist

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Last Answer :  (d) Market conditions which once achieved tends to persist

Macroeconomics is the study of (a) Inflation ; (b) Unemployment ; (c) Growth ; (d) All of (a), (b) and (c) above.

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Last Answer : ; (d) All of (a), (b) and (c) above.

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Description : Elasticity of supply depends upon (a) Nature of the commodity ; (b) Production technology ; (c) Future outlook of prices (d) All the three

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Last Answer : (b) Exports minus imports ;

)A very high rise in National Income at current market prices and a low rise at constant prices reveals - (1) the high rate of growth in the economy at the current period (2) the increased production in the current period (3) the improper growth of the economy (4) the high rate of inflation prevailing in the economy

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Description : A very high rise in National Income at current market prices and a low rise at constant prices reveals (1) the high rate of growth in the economy at the current period (2) the increased production ... (3) the improper growth of the economy (4) the high rate of inflation prevailing in the economy 

Last Answer :  the high rate of inflation prevailing in the economy

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Last Answer : (a) Due to change in price only ;

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Last Answer : (d) All the three

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Last Answer : (b) 3% ;

Given Real GDP of 6.5% and rate of inflation of 5.5% nominal GDP will be……. (a) 12% ; (b) 10% ; (c) 10.5% ; (d) 9.5%

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Last Answer : (a) 12% ;

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Last Answer : (b) Rate of inflation ;

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Price elasticity demand of product will be more elastic if it (a) Has no substitutes ; (b) Has number of substitutes ; (c) Is an item of necessity; (d) Is life saving Product

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Last Answer : ; (b) Has number of substitutes ;

Macroeconomics is concerned with (a) The level of output of goods and services ; (b) The general level of prices ; (c) The growth of real output ; (d) All of the above

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Last Answer : (d) All of the above

The opportunity cost of capital investment is (a) Sacrifice of current consumption ; (b) More consumption on luxury items; (c) Lower capital growth in future ; (d) Wastage of Resources

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Last Answer : (a) Sacrifice of current consumption

Which of the following is not a method of measurement of price elasticity of demand in economics (a) Total Outlay ; (b) Total savings ; (c) Point method ; (d) Arc method

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Last Answer : ; (b) Total savings

Which of the following is not a type of elasticity in economics………………… (a) Income elasticity ; (b) Price elasticity ; (c) Utility elasticity ; (d) Cross elasticity

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Last Answer :  (c) Utility elasticity ;

In question No. 53 if the economy produces only 3 guns and 900 tons of wheat instead of 1100 tons of wheat what does it indicates (a) Under employment of resources ; (b) Production in efficiency ; (c) Sub-optimal production; (d) All the three

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Last Answer : (d) All the three 

The central problem of how to produce is resolved by (a) Demand and supply of factor inputs ; (b) Demand and supply of goods; (c) Relative prices and availability of factors of production ; (d) Government intervention

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Last Answer : (c) Relative prices and availability of factors of production

Micro-economics is also called : (1) Income theory (2) Investment theory (3) Price theory (4) Expenditure theory

Description : Micro-economics is also called : (1) Income theory (2) Investment theory (3) Price theory (4) Expenditure theory

Last Answer : (3) Price theory Explanation: Microeconomics is the branch of economics concerned with isolated parts of the economy, for example, individual people, firms or industries. It involves such topics as the theory of prices and of the firm.

Micro-economics is also called : (1) Income theory (2) Investment theory (3) Price theory (4) Expenditure theory

Description : Micro-economics is also called : (1) Income theory (2) Investment theory (3) Price theory (4) Expenditure theory

Last Answer : Price theory

At a given time and in a given marketplace, the entire market demand curve indicates the (a) quantity of a good consumers would be willing and able to purchase at a given price. (b) quantity of a good consumers would be able to purchase at a series of prices. (c) quantity of a good consumers want to purchase at a given price (d) quantity of a good consumers have purchased at a series of prices over the year.

Description : At a given time and in a given marketplace, the entire market demand curve indicates the (a) quantity of a good consumers would be willing and able to purchase at a given price. (b) quantity of a ... a given price (d) quantity of a good consumers have purchased at a series of prices over the year.

Last Answer : (b) quantity of a good consumers would be able to purchase at a series of prices. 

When a monopolist charges different prices to each customer it is called price discrimination of – (a) First order ; (b) Second order ; (c) Third order ; (d) Fourth order

Description : When a monopolist charges different prices to each customer it is called price discrimination of – (a) First order ; (b) Second order ; (c) Third order ; (d) Fourth order

Last Answer : (a) First order ;

Which of these is not a determinant of aggregate supply (a) Quantity demanded ; (b) Price of the product under consideration ; (c) Relative price of other goods ; (d) Future expectations about prices

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Last Answer : (a) Quantity demanded ;

Which of these is not a factor of cost function of a product (a) Market price of the product ; (b) Size of the plant ; (c) Output level ; (d) Prices of inputs

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Last Answer : (a) Market price of the product ;

Net factor income from abroad is equal to (a) NNP at market price – NDP at market price ; (b) NDP at market prices – Indirect taxes + Subsidies ; (c) NDP at factor cost + Depreciation ; (d) NNP at market prices + Depreciation

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Last Answer : (a) NNP at market price – NDP at market price ;

Development means economic growth plus (1) Inflation (2) Deflation (3) Price stability (4) Social change

Description : Development means economic growth plus (1) Inflation (2) Deflation (3) Price stability (4) Social change

Last Answer : (4) Social change

Development means economic growth with: A. Price Stability B. Social Change C. Inflation D. Deflation

Description : Development means economic growth with: A. Price Stability B. Social Change C. Inflation D. Deflation

Last Answer : B. Social Change

GDP at factor cost exceeds GDP at market price (a) When the factor income from abroad is negative ; (b) When depreciation on fixed capital exceeds income in investment; (c) When direct tax exceeds indirect tax ; (d) When subsidies exceeds indirect taxes.

Description : GDP at factor cost exceeds GDP at market price (a) When the factor income from abroad is negative ; (b) When depreciation on fixed capital exceeds income in investment; (c) When direct tax exceeds indirect tax ; (d) When subsidies exceeds indirect taxes.

Last Answer : (d) When subsidies exceeds indirect taxes. 

Shift in Demand curve or change in Demand curve occurs due to (a) Increase in price ; (b) Decrease in cost of production ; (c) Change in Cetris paribus conditions ; (d) All the three

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Last Answer : (c) Change in Cetris paribus conditions ;

Economic growth is best depicted by (a) Outward shift in PPF ; (b) Upward movement in PPF ; (c) Inward movement in PPF (d) Downward movement in PPF

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Last Answer : (a) Outward shift in PPF ; 

State which of the following is correct? The Consumer Price Index reflects - (1) the standard of living (2) the extent of inflation in the prices of consumer goods (3) the increasing per capita income (4) the growth of the economy

Description : State which of the following is correct? The Consumer Price Index reflects - (1) the standard of living (2) the extent of inflation in the prices of consumer goods (3) the increasing per capita income (4) the growth of the economy

Last Answer : (2) the extent of inflation in the prices of consumer goods Explanation: A consumer price index (CPI) measures changes in the price level of consumer goods and services purchased by households ... , pensions, for regulating prices and for deflating monetary magnitudes to show changes in real values.

State which of the following is correct ? The Consumer Price Index reflects : (1) the standard of living (2) the extent of inflation in the prices of consumer goods (3) the increasing per capita income (4) the growth of the economy

Description : State which of the following is correct ? The Consumer Price Index reflects : (1) the standard of living (2) the extent of inflation in the prices of consumer goods (3) the increasing per capita income (4) the growth of the economy

Last Answer : the extent of inflation in the prices of consumer goods