Set-9 Indian Economics (English) Railway NTPC and Railway Group D 2019 Previous Year Questions | Study Virus

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We are providing the most important Indian Economics Previous year Questions for RRB NTPC 2019, RRB Group D 2019, SSC 2019 and all other competitive exams. These questions have very high chances to be asked in RRB NTPC 2019, RRB Group D 2019.

Set-9 Indian Economics Previous Year Questions

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1.Short run marginal cost curve cuts the average variable cost curve from _______ at the minimum point of average variable cost.
1. Top
2. Below
3. Right
4. Left

Ans:2

2.The short run average cost curve is ____ shaped.
1. U
2. V
3. X
4. W

Ans:1

3.If the ___________ firm has zero costs or only has fixed cost, the quantity supplied in equilibrium is given by the point where the marginal revenue is zero.
1. Perfect Competition
2. Monopoly
3. Oligopoly
4. Monopolistic Competition

Ans:2

4. “Residex Index” is associated with which of these?
1. Share Prices
2. Mutual Fund Prices
3. Price Inflation Index
4. Housing Prices

Ans:4

5.For internal financing of Five Year Plans, the Government depends on ___________.
1. taxation and public borrowing
2. taxation, public borrowing and deficit financing
3. Only taxation
4. none of these

Ans:2

6.5.If a consumer’s demand for a good moves in the same direction as the consumer’s income, the consumer’s demand for that good must be inversely related to the price of the good is called __________.
1. Law of demand
2. Law of supply
3. Law of substitution
4. Law of optimal choice

Ans:1

7.Which among the following does not count in the development expenditure of government?
1. Expenditure on economic services
2. Expenditure on social services
3. Grant to states
4. Defence expenditure

Ans:4

8.Economics assumes that –
1. people have unlimited desires but limited resources
2. people have limited desires but unlimited resources
3. allocation of resources if not centrally planned will cause inefficiency
4. people are emotional and make irrational decisions

Ans:1

9.At the equilibrium price –
1. quantity demanded is equal to quantity supplied
2. quantity demanded is greater than quantity supplied
3. elasticity of demand equals elasticity of supply
4. price elasticity of demand is unity

Ans:1

10.Micro economics deals with –
1. the circular flow of income
2. the decision making of a single economic variable like demand
3. understanding unemployment
4. economic growth

Ans:2

11.Suppose the equilibrium price for sugar is Rs. 50/kg. If the government sets a price floor of R s. 70/kg then __________.
1. quantity of sugar demanded will be greater than the quantity demanded at equilibrium price
2. there will be a shortage of sugar in the market
3. there will be a surplus of sugar in the market.
4. quantity of sugar supplied will be less than what was supplied at the equilibrium price

Ans:3

12.Which of the following statements is incorrect, if resources were unlimited?
1. there would still be scarcity and opportunity costs
2. there would still be scarcity but no opportunity costs
3. there would be no scarcity, but there would be opportunity costs.
4. there would neither be scarcity nor opportunity costs

Ans:3

13.As per the National Manufacturing Policy, the land area of a National Investment and Manufacturing Zone is to be minimum ____?
1. 1000 Hectares
2. 2000 Hectares
3. 3000 Hectares
4. 5000 Hectares

Ans:4

14.Unemployment resulting from industrial reorganization, typically due to technological change, rather than fluctuations in supply or demand is called
1. Structural unemployment
2. Frictional unemployment
3. Seasonal unemployment
4. Cyclical unemployment

Ans:1

15.If tea companies start using mechanised tea leave pickers –
1. more people would want to work as tea leave pickers
2. unemployment of tea leave pickers will decrease
3. more tea will be produced per acre
4. then wages for manual tea leave pickers will fall

Ans:4

16.If for a perfectly competitive firm, price is Rs 7.2, output is 4500 units, average variable costs are Rs 1.2, and average total costs are Rs 4. The firm’s profits are equal to
1. Rs 7200
2. Rs 9000
3. Rs 14400
4. Rs 19800

Ans:3

17.A minimum wage _____.
1. is the price floor below which workers may sell their labor
2. is set at a price below the equilibrium wage
3. creates a price ceiling below which the wage cannot legally go
4. decreases unemployment

Ans:3

18.Which among the following is the Biggest Borrower in India?
1. Indian Government
2. Reserve Bank of India
3. Indian Railways
4. State Governments

Ans:1

19.The existence of a parallel economy (black money) ___________.
1. Makes economy more competitive
2. Makes the monetary policies less effective
3. Ensures a better distribution of income and wealth
4. Ensures increasing productive investment

Ans:2

20.What does GDP mean ?
1. The total value of all goods and services produced in the country during a period of 1 year
2. The total value of all stocks and shares in the country during a period of 1 year
3. The total value of all capital goods produced in the country during a period of 1 year
4. The total value of all consumer goods produced in the country during a period of 1 year

Ans:1