Indian Economy Questions Practice Question and Answer
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Q: Which of the statements is correct about India's national income?
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5dfca67c40c34473ac86cc32- 1Percentage share of agriculture is higher than servicesfalse
- 2Percentage share of industry is higher than agriculturefalse
- 3Percentage share of services is higher than industryfalse
- 4Percentage share of services is higher than agriculture and industry put togethertrue
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Answer : 4. "Percentage share of services is higher than agriculture and industry put together "
Q: Price theory is also known as
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5dfca5eda3197573ca592ab6- 1Macro Economicsfalse
- 2Development Economicsfalse
- 3Public Economicsfalse
- 4Micro Economicstrue
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Answer : 4. "Micro Economics "
Q: Which three indicators are used in the Human Development Index (HDI)?
I. Standard of living
II. Education
III. Life expectancy
IV. Condition of environment
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5d776efba1321a5b0b596cc4- 1Only I, II & IVfalse
- 2Only I, II, & IIItrue
- 3Only I & IIfalse
- 4All of the abovefalse
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Answer : 2. "Only I, II, & III"
Q: The process of curing inflation by reducing money supply is called
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5df9ea1436644b47cbaf2b5e- 1Cost - push inflationfalse
- 2Demand - pull inflationfalse
- 3Disinflationtrue
- 4Reflationfalse
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Answer : 3. "Disinflation"
Q: What is the demand for labor called?
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5dd23187c2282c484e44069a- 1Market demandfalse
- 2Direct demandfalse
- 3Derived demandtrue
- 4Factory demandfalse
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Answer : 3. "Derived demand"
Q: When the price of a commodity falls, we can expect:
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5d944a1eeef89a492b2e290d- 1The supply of it to increasefalse
- 2The demand for it to fallfalse
- 3The demand for it to stay constantfalse
- 4The demand for it to increasetrue
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Answer : 4. "The demand for it to increase"
Q: This personality is known as the Father of Economics. Can you identify him from the given options?
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5d9430d815db5f22bbeb434a- 1J.M. Keynesfalse
- 2Adam Smithtrue
- 3Abraham Maslowfalse
- 4J.K. Galbraithfalse
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Answer : 2. "Adam Smith"
Q: If Reserve Bank of India reduces the cash reserve ratio, it will :
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5d7f1667e6db8b0af6526c72- 1increase credit creationtrue
- 2decrease credit creationfalse
- 3have no impact on credit creationfalse
- 4have no definite impact on credit creationfalse
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Answer : 1. "increase credit creation"
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