All of the following developments were noticed during 1991(when economic reforms were enforced) except one. Identify it.

National debt was nearly 60 percent of the GNP of India
Inflation crossed double digits
Foreign reserves were maintained at a very high level
None of the above

Jet Airways and Kingfisher are examples of:

Private Schools
Private Airlines
Private Ships
Private Railways

Which of the following statements is correct?

The demand and the supply of fuel are almost equal
Our import bill on account of oil has been decreasing since 1990
Oil prices have been decreasing since 1973
Transmission and distribution losses of power companies are very high

We can say Indian agriculture has become modern since:

there has been an increased in the use of high yielding varieties of seeds, fertilizers, pesticides etc.
there has been noticeable positive change in the attitude of farmers towards new techniques of production
farmers are increasingly resorting to intensive cultivation, multiple cropping, scientific water management
all of the above

Which of the following statements is correct?

Under zamindari system, farmers directly paid land revenue to the state.
At present, income tax revenues from the agriculture sector are negligible.
Commercial banks are providing loans to the agriculture sector at zero interest rate
None of the above

Which one is not an assumption of the theory of demand based on analysis of indifference curves?

Given scale of preferences as between different combinations of two goods
Diminishing marginal rate of substitution
Constant marginal utility of money
Consumers would always prefer more of a particular good to less of it, other things remaining the same

Which cost increases continuously with the increase in production?

Average cost
Marginal cost
Fixed cost
Variable cost

Which of the following is not a characteristic of a “price taker”?

TR = P x Q
AR = Price
Negatively – sloped demand
Marginal Revenue = Pric

Suppose the demand for meals at a medium-priced restaurant is elastic. If the management of the restaurant is considering raising prices, it can expect a relatively:

large fall in quantity demanded
large fall in demand
small fall in quantity demanded
small fall in demand

Find the correct match:

An enquiry into the nature and causes of the wealth of the nation: A.C.Pigou.
Science which deals with wealth: Alfred Marshall.
Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses: Robbins.
The range of our enquiry becomes restricted to that part of social welfare that can be brought directly or indirectly into relation with the measuring rode of money: Adam Smith.

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