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NATURE OF INDIAN ECONOMY QUESTIONS

Exam NameNATURE OF INDIAN ECONOMY QUESTIONS
DescriptionNATURE OF INDIAN ECONOMY QUESTIONS and Answers exams contains the questions from various competitive exams.These questions are the part of previous year paper.These kind of questions would be helpful in preparing for exams like IAS, PCS, UPSC, NDA, CDS SSC, RRB, PSC, IBPS
Exam TypeMASTER EXAM
Authenticity9988
creatorAnirudh(39270)

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Question: What is needed for creating demand

Answer:Price


Question: Who said Economics is the Science of Wealth ?

Answer:Adam Smith


Question: Production function expresses:

Answer:financial relationship between physical inputs and output


Question: Interest is a reward for parting with liquidity for a specific period is according to:

Answer:Keynes


Question: Extension or contraction of quantity demanded of a commodity is a result of change in the:

Answer:Unit price of the commodity


Question: For price discrimination to be successful, the elasticity of demand for the product in the two markets should be :

Answer:Different


Question: The law of demand expresses "

Answer:effect of change in demand of a commodity on its price.


Question: When average cost of production falls, marginal cost of production must be:

Answer:less than the average cost


Question: A fall in demand or rise in supply of a commodity :

Answer:decreases the price of that commodity


Question: An exceptional demand curve is one that moves :

Answer:Upward to the right


Question: Production function explains the relationship between :

Answer:initial inputs and ultimate output


Question: Revealed Preference Theory was propounded by :

Answer:P.A.Samuelson


Question: In Economics the terms Utility and Usefulness have:

Answer:Different meaning


Question: Laissez-faire is a feature of:

Answer:Capitalism


Question: In which type of competition does Marginal Revenue Curve coincide with Average Revenue Curve ?

Answer:Perfect Competition


Question: According to J.A. Schumpeter, entrepreneurs are entitled to enjoy the profit for their ---------activities.

Answer:innovative


Question: Demonstration effect means:

Answer:imitating effect of consumption


Question: Homogeneous product is a feature of :

Answer:Perfect competition


Question: The relationship between the value of money and the price level in an economy is :

Answer:Inverse


Question: Noble Prize winning Indian Amartya Sen is known for his work in which area ?

Answer:Economics