GK - Economics Test - 03
If the Indian is making a loss on passenger traffic, it should increase its prices. The suggested remedy would only work if the demand for air travel had a price elasticity of
less than one but more than zero
greatest than one
The angency estimating the national income of India is
Reserve Bank of India
Ministry of Firiance
Central Statistical Organisation
For most consumers, milk and substitute goods. Therefore we should expect a rise in price of milk lead to
a rightward shift in the supply Curve of tea
a leftward shift in the supply curve of tea
a fall in the price of tea
an upward shift in the demand curve for tea
Of the following statements, which one best describes the consumption function?
The increase in consutnption is directly proportional to the increase in income
Consumption increases as income does but not by as much, and the rate o increase in consumption gradually slows down with increasing income
Consumptionat first, increases at a slow rate with, increase in, income, at the lower end of the scale, then it increases at a faster' rate as income increases at the higher of the scale
Consumption is highest at the low income level and the upper income level, it is less in the middle
If a firm is producing an output the marginal cost of which is greater then the marginal revenue,it
will be making an absolute loss
would increase its profit or roduce its loss by feducing output.
Wd increase its prirofit byIncreasing its output
cannot be a monopolist
If two goods are complements, it is that a rise in the price of one commodity will induce
an upward shift in the demand for the other commodity
a fall in demand of the other commodity
a rise in the price of the other commodity
none of the above
At full employment income, which of the following would be most likely, to lead to inflation?
A fall in taxation with no changes in government expenditure
An incxease in productivity without any increasein the wages
A fall in investment with no change in propensity to consume
A rise in the propensity to save with no change in investmant
If the marginal pwpensity to save of the rich is greatei than that of the poor then redistributiop of income from poor to rich will raise
the average propensity to consume
consumption out of a give income
saving out of a given income
neither consumption nor saving out of a given income
Which one of the following not directly the concern of the economist ?
Choices relating to location of a steel plant
Bargaining between the workers unions and the employers
Effects of a change in money supply
Imposition of tax to discourage cigarette smoking
Of the gross tax revenue of the Union Government the indirect taxes account for nearly
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