1. Finance Minister of India
2. President of India
3. Reserve Bank of India
4. State Bank of India
Option “C” is correct The Reserve Bank of India (RBI) determine the bank rate.
122. A manufacturer faces price elasticity of demand of a 1.25 for its product. If it lowers its price by 6.4%, the increase in quantity sold will be _____.
Option “C” is correct Elasticity =% Change in quantity/%Change in price 1.25 =X/6.4 X = 6.4*1.25 =8% .
123. Which among the following comes under tertiary sector of Indian Economy?
1. Cloth Industry
2. Transport of goods
3. Dairy
4. Sugar Industry
Option “B” is correct Sales, repair services, banking, and insurance are all part of the tertiary industry. People who work in the tertiary sector include workers in the tourism and hospitality industry, doctors, couriers, and business consultants. Some tertiary industries have close ties with the primary and secondary industries. Transport of goods also comes under this category.
124. _____ publishes Economic Survey in India.
1. Government of India
2. Ministry of Finance
3. NITI Aayog
4. Prime Minister of India
Option “B” is correct The Department of Economic Affairs, Finance Ministry of India presents the Economic Survey in the parliament every year, just before the Union Budget. It is prepared under the guidance of the Chief Economic Adviser, Finance Ministry.
125. What is an octroi?
1. Tax
2. Tax collection centre
3. Tax processing centre
4. Tax information centre
Option “A” is correct Octroi is a tax levied on various goods entering a town or city.
126. A beedi making workshop can hire 5 women by paying them Rs. 300 per day. The 6th woman demands Rs. 350 per day. If this woman is hired then all other women must be paid Rs. 350. The marginal resource (labour) cost of the 6th woman is-
1. Rs. 600
2. Rs. 50
3. Rs. 300
4. Rs. 100
Option “A” is correct Marginal cost is the change in the opportunity cost that arises when the quantity produced is incremented by one unit, that is, it is the cost of producing one more unit of a good. Total amount paid to 5 women before demand of 6th women = 5 ×300 =1500 Total amount paid to 6 women after demand of 6th women =350×6 =2100 Marginal cost=2100-1500 =600.
127. Match the following.
1. 1-b, 2-c, 3-a
2. 1-c, 2-a, 3-b
3. 1-a, 2-b, 3-c
4. 1-b, 2-a, 3-c
Option “A” is correct An oligopoly is a market form where in a market or industry is dominated by a small number of sellers and large number of buyers.A monopoly is a form of market having one or two firms dominate the market but there are large number of buyers.In Perfect Competition Market there are large number of sellers and buyers.
128. The ________ curve represents the demand of all consumers in the market taken together at different levels of the price of the good.
Option “C” is correct The market demand curve is the summation of all the individual demand curves in a given market. It shows the quantity demanded of the good by all individuals at varying price points.
129. The market structure called monopoly exists where there is exactly ______ seller in any market.
1. One
2. Two
3. Five
4. Ten
Option “A” is correct A market structure characterized by a single (one)seller, selling a unique product in the market. In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute.
130. For a price taking firm, average revenue is ______ market price.
1. half of
2. equal to
3. double of
4. less than
Option “B” is correct The Price taking firm can sell any quantity it can produce at the market price, so even though the market is likely to face a downward sloping market demand curve, the individual firm faces a horizontal market demand curve at the market price. Because the firm can sell as much as it can produce at the market price, the marginal revenue for each unit sold is equal to the price, and the average revenue is also equal to the price, as every unit costs the same, so when you divide the total revenue by the number of units sold, you get the price.
