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Indian Economy Test 24
Read Instructions for the test.
Negative marks are -0.33 per wrong answer
Right answer is 1 mark
No time limit but finish in 30 mins
Solution can be found at below chapters:
Test series is based on following chapters.
Indian Economy Chapter 15: VOLUME 3
Indian Economy Chapter 16: VOLUME 4
Q1: Sustainable Development Goals
Adopted in 2015, UNDP New year summit.
They were formulated by a committee of 30 members set up by UNGA.
They have 17 goals and 169 targets with an achievement target by 2030.
all
Q2: Analysis of S.D.G:
Harmonized growth , environment protection and inclusive development.
All nations adopted them without discord and even emerging economies shall play part as donors.
Acknowledged role of private sector and civil society.
all
Q3: Negatives of Sustainable development goals
More empty promises than actual action as seen during Syrian refugee crisis and helping small island nations.
World shall $ 5 trillion dollars each year so rich nations need to make firm commitments.
too many goals and targets to monitor and implement.
all
Q4: Negatives of sustainable development goals
Inconsistency in data obtained from third world countries. Data manipulation and fudging could make reporting tough.
all
Countries haven't even achieved Millenium development goals yet.
Funding guidelines missing.
Q5: Goods are classified on basis of following factors:
Free / Paid
Exclusion of others possible
Rivalry in consumption - more consumers then each gets less
all
Q6: Public goods are
non-excludable i.e. individuals cannot be excluded from use
non-rivalrous i.e. use by one person doesn't reduce availability to others.
both
none
Q7:Types of Demands
Individual and Market
Ex Ante vs Ex Post
Joint demand
all
Q8:Which is true ?
Elasticity is the responsiveness of demand to the price or income
Demand curve shown below moves to the left when demand decreases and right when demand increases.
Inferior goods are those whom price increase leads to demand decrease
all
Q9:Which is true ?
Superior goods are those which have higher demand with increase in income of person.
Inferior goods are those whom price increase leads to demand decrease
both
none
Q10:Veblen Goods
These goods oppose the law of demand
higher price means lower demand but in these goods higher price increases the demand
These are snob goods or status symbols like limozine, gold where price increase means higher prestige to the buyer and so demand increases.
all
Q11: Giffen goods
demand increases with price
this good is an inferior good with no close substitute available.
both
none
Q12: when change in price of A doesn't affect quantity of B. this is called
negative cross elasticity
positive cross elasticity
zero cross elasticity
none
Q13: if both A and B are substitutes then a decreases in price of A increases the demand for B due to
positive cross elasticity
negative cross elasticity
zero cross elasticity
none
Q14:If the price of fuel increases then the demand for fuel inefficient cars decreases this is because both are complements of each other i.e.
positive cross elasticity
negative cross elasticity
zero cross elasticity
none
Q15: Price change can never affect the supply. E.g: Da vinci paintings. such goods are
Perfectly inelastic
Relatively inelastic
Unitary
Relatively elastic
Q16: Price change by X% increases supply by less than X%.
Perfectly inelastic
Relatively inelastic
Unitary
Relatively elastic
Q17: Willing to supply infinite amount at a price but when price reduces supply becomes 0.
Perfectly elastic
Relatively elastic
Unitary
Relatively inelastic
Q18: Which is true ?
Relatively inelastic goods are perishables
relatively elastic are non perishables.
both
none
Q19: Perfect Competition - market place has features like
Participants are high both buyers and sellers.
Products have many substitutes and no marketing or selling cost is incurred.
Knowledge of participants for entering into market is perfect.
all
Q20: Which is true in perfect competition market ?
Seller is Price taker not Price maker.
Buyer willing to buy all at a certain price but none at price higher. So he is price maker.
both
none
Q21:Monopoly has features like
Buyers are many but seller is one.
Product has no substitute or no close substitute
Other competitors cant enter in market due to laws or patents.
all
Q22: Which is true in monopoly market ?
Price discrimination is seen between poor and rich. Seller is Price maker.
Relative Price inelastic increase means demand decreases by less than X% for X% increase in price.
both
none
Q23: Monopolistic competition
Many buyers and sellers but each selling its differentiated version of good.
Marketing selling cost is high. Goods are of different brands where brand loyalty is seen till a limit but many substitutes are available.
Unrestricted and free entry.
all
Q24: Which is true for Monopolistic competition ?
Seller is Price maker to a level.
Price increases by x% but demand decreases by less than x% - relatively inelastic. But more elastic than monopoly.
both
none
Q25:Oligopoly:
Buyers many but sellers few with intense competition.
Product has close substitute and intense competition amongst sellers. If one sellers introduces change others have to follow. High cost of marketing and selling.
Entry of new sellers tough due to economies of scale. Seller is price maker.
all
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