When the demand curve is straight, the point elasticity is found ed = 1
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Correct answer: (C) When the point is the midpoint of the demand curve
1 marks · 2023 · Set A
Question 52
A classical economist prefers
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Correct answer: (A) Production in comparison to consumption
1 marks · 2023 · Set A
Question 53
A monopolistic firm will be in equilibrium when
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Correct answer: (C) P > MC = MR
1 marks · 2023 · Set A
Question 54
Under discriminating monopoly, when elasticity of demand is greater, the monopolist will keep his price
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Correct answer: (B) Low
1 marks · 2023 · Set A
Question 55
Under discriminating monopoly, there will be equilibrium when
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Correct answer: (C) MR₁ = MR₂ = MC
1 marks · 2023 · Set A
Question 56
Which statement is true? In monopolistic competition
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Correct answer: (B) AR > MR
1 marks · 2023 · Set A
Question 57
In perfect competition, firms are
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Correct answer: (A) Price acceptors
1 marks · 2023 · Set A
Question 58
“The act of selling the same article produced under a single control, at different prices to different buyers is known as price discrimination.” Who has given this definition?
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Correct answer: (C) Mrs. Joan Robinson
1 marks · 2023 · Set A
Question 59
The law of diminishing return is found
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Correct answer: (C) To some extent it applies in every economic activity
1 marks · 2023 · Set A
Question 60
Under monopolistic competition
See answer
Correct answer: (E) None of the above
1 marks · 2023 · Set A
Question 61
Perfect competition prevails when the demand for the output of each product is
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Correct answer: (B) Perfectly elastic
1 marks · 2023 · Set A
Question 62
“The national dividend is that part of objective income of the community including of course income derived from abroad which can be measured in money.” Who has given this definition of national income?
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Correct answer: (B) Pigou
1 marks · 2023 · Set A
Question 63
National income represents
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Correct answer: (D) More than one of the above
1 marks · 2023 · Set A
Question 64
In monopolistic competition, when a firm gets normal profit, what condition should be fulfilled in the long period?
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Correct answer: (A) P = ATC
1 marks · 2023 · Set A
Question 65
What is wrong with the Census of India and National Sample Survey?
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Correct answer: (C) Both are funding agencies for social and economic issues
1 marks · 2023 · Set A
Question 66
If the number of sellers and buyers is not large, goods are not homogeneous, and sellers and buyers do not have complete knowledge about the market, then there will be
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Correct answer: (C) Monopolistic competition
1 marks · 2023 · Set A
Question 67
Errors that can arise in data acquisition are known as
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Correct answer: (B) Non-sampling error
1 marks · 2023 · Set A
Question 68
Which of the following statements is true?
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Correct answer: (A) NNP = GNP − Depreciation
1 marks · 2023 · Set A
Question 69
In this classification, time becomes the classifying variable and data are categorized according to time. It is known as
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Correct answer: (A) Temporal classification
1 marks · 2023 · Set A
Question 70
Under discriminating monopoly, a monopolist will keep his price low where the degree of elasticity of demand is
See answer
Correct answer: (A) High
1 marks · 2023 · Set A
Question 71
Price discrimination is possible
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Correct answer: (D) More than one of the above
1 marks · 2023 · Set A
Question 72
What is true?
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Correct answer: (C) APC + APS = 1
1 marks · 2023 · Set A
Question 73
In FY2023, net FDI inflows declined to _____ billion from _____ billion in FY2022.
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Correct answer: (C) $28, $38·6
1 marks · 2023 · Set A
Question 74
What was the electric production capacity during 1950–51?
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Correct answer: (A) 2·3 thousand MW
1 marks · 2023 · Set A
Question 75
Which of the following statements is correct?
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Correct answer: (A) The column’s division into ten equal parts is known as a decile
1 marks · 2023 · Set A
Question 76
India’s current account deficit in the January to March quarter (Q4) in 2023 narrowed to
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Correct answer: (A) $1·3 billion or 2% of GDP
1 marks · 2023 · Set A
Question 77
What is not true for Keynesian employment theory?
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Correct answer: (B) Full employment
1 marks · 2023 · Set A
Question 78
Under the Special Assistance Scheme, the Centre approves ₹56,415 crores to 16 States for capital investment. How much did Bihar get?
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Correct answer: (B) ₹9,640 crores
1 marks · 2023 · Set A
Question 79
What is the social cause of poverty in India?
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Correct answer: (D) More than one of the above
1 marks · 2023 · Set A
Question 80
The Central Statistical Organization was established in the year
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Correct answer: (C) 1951
1 marks · 2023 · Set A
Question 81
MUDRA means
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Correct answer: (A) Micro Units Development and Refinance Agency
1 marks · 2023 · Set A
Question 82
International economics is often referred to as
See answer
Correct answer: (C) Both applied economics and theoretical economics
1 marks · 2023 · Set A
Question 83
The per capita income in India in 2021–22 at current prices, taking the 2011–12 series, is
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Correct answer: (A) ₹1,50,326
1 marks · 2023 · Set A
Question 84
In a chronological classification, the data are classified on the basis of
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Correct answer: (C) Time
1 marks · 2023 · Set A
Question 85
Data originally collected for an investigation are known as
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Correct answer: (A) Primary data
1 marks · 2023 · Set A
Question 86
According to Schumpeter, economic equilibrium includes
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Correct answer: (D) More than one of the above
1 marks · 2023 · Set A
Question 87
Consumer’s equilibrium analysis mainly includes
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Correct answer: (D) More than one of the above
1 marks · 2023 · Set A
Question 88
In a perfectly competitive market, there is always
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Correct answer: (C) AR is equal to MR
1 marks · 2023 · Set A
Question 89
In the estimation of national income, which of the following methods is used as the modern method?
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Correct answer: (C) Social accounting method
1 marks · 2023 · Set A
Question 90
“Statistics is a science of estimates and probabilities.” This definition is given by
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Correct answer: (B) Boddington
1 marks · 2023 · Set A
Question 91
The year of India’s First Official Census of Population was
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Correct answer: (B) 1881
1 marks · 2023 · Set A
Question 92
The arranging of related facts into classes is called
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Correct answer: (C) Classification
1 marks · 2023 · Set A
Question 93
LPG (Liberalization, Privatization and Globalization) is the main part of the Industrial Policy of
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Correct answer: (B) 1991
1 marks · 2023 · Set A
Question 94
The Life Insurance Corporation (LIC) of India was incorporated in the year
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Correct answer: (B) 1956
1 marks · 2023 · Set A
Question 95
As per the Census 2011, the literacy rate (total persons) in Bihar is
See answer
Correct answer: (E) None of the above
1 marks · 2023 · Set A
Question 96
National income statistics are collected by the
See answer
Correct answer: (B) Central Statistical Organization
1 marks · 2023 · Set A
Question 97
According to the Reserve Bank of India standards, broad money refers to
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Correct answer: (C) M₃
1 marks · 2023 · Set A
Question 98
Correlation means
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Correct answer: (B) A change in one variable accompanied by a change in the other variables
1 marks · 2023 · Set A
Question 99
The Father of Statistics is
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Correct answer: (A) Gottfried Achenwall
1 marks · 2023 · Set A
Question 100
Which stage of statistical investigation function is not arranged in ascending order?