cpt quiz in General Economics

Transformation Curve is the other name given to—

An economy is working at full employment level. It faces a massive earthquake shattering its productive capacity to a great extent. What would happen to its Production Possibilities Curve (PPC)?

Suppose as a result of decrease in price of computers by 10 per cent, the total revenue realized by the vendor increases by 15 per cent. What can be said about the price elasticity of computers?

Point elasticity is not useful for which of the following situations?

Which of the following products would have an elastic demand?

If price of air conditioners decreases by 10% and supply decreases by 20%. The elasticity of supply is:

I am ready to pay Rs 1000 for the first day, first show of a newly released movie. But I actually pay Rs 800 for it. We can say:

Find Average Fixed Cost of 5 units from the following data:
Output (units): 0 1 2 3 4 5 6
Total Cost (Rs): 60 80 100 120 135 150 170

From the following Indifference Schedule, find the Marginal Rate of Substitution of Food for Clothing between Combinations C and D:
Indifference Schedule
Combination         Food            Clothing
A                               1                      12
B                               2                      6
C                               3                      4

D                              4                       3

The long run, as economists use the phrase, is characterized by:

The Supply curve shifts to the left because of the following except:

After doing Chartered Accountancy Course, suppose you have two options: Work in a Private Company and get a yearly package of Rs 12 Lakh or Start your own practice and earn an annual income of Rs 14 Lakh and suppose you choose the second option i.e. starting your practice. What is your opportunity cost here?

When is a producer said to be in Equilibrium?

If total cost of producing 100 units is Rs 20000 and total cost of producing 200 units is Rs. 28000. What is the marginal cost (per unit) here?

Which one of the following could explain a shift to the right of the demand curve for a good?

Suppose for producing 1000 units, the average fixed cost is Rs. 5 and the average variable cost is Rs. 50. The total fixed cost would be:

Consider the following data relating to a firm in a Perfect Competition in a short run:
Average Cost = Rs 50, Price = Rs 44, Average Variable Cost = Rs 40. What should it do?

Who introduced the element of time in Economics:

Suppose a market is shared equally between four manufacturers A, B, C and D. Such market is called:

In which of the following markets individual firm has no say in the price determination?

You find that in a city there are more than 1000 small barber shops catering to local residents. Such type of market is called ——?

Monopolistic competition differs from perfect competition primarily because

Suppose the single monopoly price is Rs.50 and elasticities of demand in markets X and Y are 3 each. If the monopolist wants to discriminate between the markets, in which market should he charge less?

The structure of the vegetable market in India resembles ___ market.

Which of the following statements is incorrect?

Income of Self employed will be included as ____ in National income.

Over the planning period the share of service sector in the GDP of India has:

If the Reserve Bank of India wants to reduce inflation in India, which of the following options can it use?

Indian economy is :

National income means—–

NNP at market price plus depreciation is–

Labour force which is employed is called:

When prices are increasing continuously, the phenomenon is called—

Vijay, a farmer in a village of India, needs Rs 50000 as loan. Which of the following banks should he approach?

The difference between value of goods sold to foreigners by the residents and firms of the home country and the value of goods purchased by them from foreigners by the residents is known as——

If as a result of putting additional 2 workers on a machine does not result in any major increase in the factory output, it means there exists _______ unemployment.

If in a country with a population of 100, nearly 60 people are in the age group of 15-64, it suggests that the country can reap the benefit of:

If there are 200 persons in an economy, out of which 150 are economically active, out of these 150, only 120 are in work force. What is the unemployment rate?

India is _____ largest energy producer in the world.

SEZ Act came into effect in ____?

The ____ is a non-profit company established in 2003 to provide neutral Internet Exchange Point services in India.

What of the following is known as International Bank for Reconstruction and Development?

Which of the following statements is correct?

Pick up the incorrect statement from the following:

When inflation occurs due to increasing cost of factors of production, it is called___

India had a current account surplus for three successive years. These are:

Which state has the lowest infant mortality ratio in India?

Narrow money refers to

The World Trade Organization was specifically established to :

Repo rate is the rate: