Indian Economy Questions

• _________ says that the marginal product of a factor input initially rises with its employment level. But after reaching a certain level of employment, it starts falling.
• The ________ curve represents the demand of all consumers in the market taken together at different levels of the price of the good.
• For a price taking firm, average revenue is ______ market price.
• Calculate a country's GDP if for the year, consumer spending is $400 million, government spending is $150 million, investment by businesses is $80 million, exports are $35 million and imports are $40 million.
• Economics assumes that
• At the equilibrium price
• Which of the following best defines free trade?
• As per the data released by the IncomeTax Department in December 2017, how much percent of total population paid income tax in the assessment year 201516?
• If price of an article decreases from Rs 100 to Rs 80, when quantity demanded increases from Q1 units to 4600 units, and if point elasticity of demand is 0.75 find Q1?
• Inflation exists when
• First time which year the Railway Budget and the General Budget were presented separately?
• A ceramic pottery unit hires 8 craftsmen by paying each of them Rs 900 per day. The 9th craftsman demands Rs 950 per day. If this craftsman is hired then all other craftsmen must be paid Rs 950. The marginal resource (labour) cost of the 9th craftsman is _________.
• In a period when an economy is facing price rise, and along with that there is slowing down of economy activities, this is case of _________.
• If a person's income increases from Rs. 10 lakhs per year to Rs. 11 lakhs per year and tax increases from Rs. 80,000 to Rs. 92,500 the marginal tax rate is
• This tax is entirely borne by the entity it is levied upon and cannot be passed.
• If the fixed costs of a factory producing candles is Rs 20,000, selling price is Rs 30 per dozen candles and variable cost is Rs 1.5 per candle, what is the break-even quantity?
• The demand curve facing a perfectly competitive firm is
• Calculate the economic profit for a firm if it's total revenues are Rs. 35 crores, explicit costs are Rs. 7 crores, and implicit costs are Rs. 10 crores.
• Name the first Indian to get Nobel prize in economics.
• In 2015, the real rate of interest in a country was 6% and the inflation rate then was 3%. So the nominal rate of interest in 2015 was