Indian Economy Questions and Answers for Competitive Exams - 1

Question: 1

____ influences the price in long period.

(A) MPC

(B) Supply

(C) Demand

(D) Consumption

Ans: B

Supply

Question: 2

In very short period, the market supply is

(A) Perfectly elastic

(B) Perfectly inelastic

(C) Elastic

(D) Inelastic

Ans: B

Perfectly inelastic

Question: 3

____ method of controlling monopoly is best to check the concentration of economic power in few hands.

(A) Nationalisation

(B) Controlling price and output

(C) Taxation

(D) Legislative

Ans: D

Legislative

Question: 4

The most important feature of oligopol is ___ in decision making.

(A) Price rigidity

(B) Group behavior

(C) Interdependence

(D) Free entry and exit

Ans: C

Interdependence

Question: 5

In short period supply curve is

(A) Perfectly inelastic

(B) Perfectly elastic

(C) Relatively elastic

(D) Relatively inelastic

Ans: C

Relatively elastic

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