Introduction Test

Result

Introduction Test - 24

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Weekly Quiz Competition

Question 1
1 / -0

In India, in which of the following, Foreign Direct Investment (FDI) is not allowed?

A
Drugs and Pharmaceuticals

B
Electricity Generation

C
Defence

D
Rail Transport

Solution

In India, in Rail Transport, Foreign Direct Investment (FDI) is not allowed. In the railway sector FDI is not permitted by the Government of India. Railway sector is completely owned, managed and controlled by the Indian Government.
Question 2
1 / -0

Who first raised the fears of a world food shortage?

A
David Ricardo

B
T.R. Malthus

C
J.S. Mill

D
J.B. Say

Solution

Thomas Robert Malthus was an English cleric and scholar, influential in the fields of political economy and demography who for the first time proposed the condition of food shortage on the grounds of scarce resources and unlimited wants after studying the world demographics.
Question 3
1 / -0

An economy is underdeveloped if __________.

A
the standard of living is poor

B
the population is growing at a high rate

C
the main occupation of a majority of the population is agriculture

D
all of the above
Question 4
1 / -0

The economic reforms have failed to ______________.

A
keep fiscal deficits to the targeted levels

B
fully implement industrial deregulation

C
fully open the economy to trade

D
all of the above

Solution

The economic reforms have failed to keep fiscal deficits to the targeted levels, fully implement industrial deregulation and fully open the economy to trade.
Question 5
1 / -0

Who controls economic activities under centrally planned economies?

A
Industrialists

B
Private firms

C
Government

D
Consumer

Solution

The government controls economic activities under centrally planned economies A centrally planned economy, also known as a command economy, is an economic system in which a central authority, such as a government, makes economic decisions regarding the manufacturing and the distribution of products. Centrally planned economies are different from market economies in which such decisions are traditionally made by businesses and consumers.
Question 6
1 / -0

In which of the following cases does output double with the doubling of all inputs?

A
Constant Returns to Scale

B
Decreasing Returns to Scale

C
Increasing Returns to Scale

D
Increasing as well as decreasing returns to Scale

Solution

In economic terms, constant returns to scale is when a firm changes its inputs with the results being exactly the same change in outputs (production). In other words, if a firm increases its inputs they will see a proportional increase in production (or outputs).
The similar can be true if a firm decreases its inputs and that results in a proportional decrease in outputs. Constant returns to scale take place when increasing the number of inputs leads to an equivalent increase in the output.

Thus, the correct option is A.
Question 7
1 / -0

You are given the following data:
Factor Output
0 0
1 15
2 30
3 45
4 60
5 75
The above data is an example of:

A
Constant Returns to Scale.

B
Decreasing Returns to Scale.

C
Increasing Returns to Scale.

D
Globalization.
Question 8
1 / -0

Directions For Questions

[passage-header]

[/passage-header]
Read the following paragraph and answer the following question
Nicole owns a small pottery factory. She can make 1,000 pieces of pottery per year and sell them for Rs. 100 each. It costs Nicole Rs. 20,000 for the raw materials to produce the 1,000 pieces of pottery. She has invested Rs. 100,000 in her factory and equipment: Rs. 50,000 from her savings and Rs. 50,000 borrowed at 10 percent. (Assume that she could have loaned money out at 10 percent, too.) Nicole can work at a competing pottery factory for Rs. 40,000 per year.

...view full instructions

The economic profit at Nicole's factory is:

A
Rs. 75000

B
Rs. 35000

C
Rs. 80000

D
Rs. 30000

Solution

Economic profit can be defined as the difference between total revenue and total cost.
Total revenue=1000*100 = 100000
Total cost= 20000 for raw materials + 50000 from her savings = 70000
Economic profit = 100000 - 70000
The economic profit at Nicole's factory is Rs. 30000.
Question 9
1 / -0

Which of the following represents the concept of trade-offs?

A
A movement from point A to point B

B
A movement from point U to point C

C
Point W

D
Point U

Solution

A shift from A to B indicates that to produce 8 units of consumer goods, 10 units of capital goods are to be sacrificed which refers to trade offs as more goods are sacrificed in order to produce some amount of other goods.
Question 10
1 / -0

Which of the following statements is incorrect regarding Disinvestment?

A
Government has raised budget dis-investments in the capital market

B
Procedure adopted for disinvestment has suffered from adhocism in the absense of a long term policy

C
It means selling of Govt. Share in the PSU to other PSU or Private Sector or Banks

D
It has been too insignificant to affect either the structure of management or the working environment of the PSU in India

Solution

Government has raised budget dis-investments in the capital market- this statement is incorrect regarding Disinvestment.
Disinvestment of the public sector can be defined as a process of transferring the ownership of any enterprise from public to private sector.

It has been too insignificant to affect either the structure of management or the working environment of the PSU in India.

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Factor	Output
0	0
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2	30
3	45
4	60
5	75

Introduction Test - 24

Result

Introduction Test - 24

Score

-

Rank

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SHARING IS CARING

Question 1

Drugs and Pharmaceuticals

Electricity Generation

Defence

Rail Transport

Solution

Question 2

David Ricardo

T.R. Malthus

J.S. Mill

J.B. Say

Solution

Question 3

the standard of living is poor

the population is growing at a high rate

the main occupation of a majority of the population is agriculture

all of the above

Question 4

keep fiscal deficits to the targeted levels

fully implement industrial deregulation

fully open the economy to trade

all of the above

Solution

Question 5

Industrialists

Private firms

Government

Consumer

Solution

Question 6

Constant Returns to Scale

Decreasing Returns to Scale

Increasing Returns to Scale

Increasing as well as decreasing returns to Scale

Solution

Question 7

Constant Returns to Scale.

Decreasing Returns to Scale.

Increasing Returns to Scale.

Globalization.

Question 8

Rs. 75000

Rs. 35000

Rs. 80000

Rs. 30000

Solution

Question 9

A movement from point A to point B

A movement from point U to point C

Point W

Point U

Solution

Question 10

Government has raised budget dis-investments in the capital market

Procedure adopted for disinvestment has suffered from adhocism in the absense of a long term policy

It means selling of Govt. Share in the PSU to other PSU or Private Sector or Banks

It has been too insignificant to affect either the structure of management or the working environment of the PSU in India

Solution

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