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General knowledge question and answer on Indian economy

Gross Profit means
A.    Total Investment over total saving
B.    Changes in methods of production
C.    Changes in the form of business Organisation 
D.    Total receipts over total expenditure

Answer : D.  Total receipts over total expenditure

Agricultural income-tax is a source of revenue to
A.    Central Government
B.    State Government
C.    Local Administration
D.    Central and State Government

Answer : C.  Local Administration

Which of the following is not the instrument of fiscal policy ?
A.    Bank Rate
B.    Government expenditure
C.    Taxes
D.    Licence fees

Answer : A.  Bank Rate

The National Income Account includes
A.    Services of housewives
B.    Income of smugglers
C.    Services of sadhus
D.    Services of night-watchman

Answer : D.  Services of night-watchman

Total utility is maximum at a point, then marginal utility is
A.    Positive
B.    Zero
C.    Negative
D.    Positive but decreasing.

Answer : B.   Zero

Beyond a certain limit, a deficit financing will certainly lead to 
A.    Inflation 
B.    Deflation
C.    Recession
D.    Economic stagnatio.

Answer : A.  Inflation 

The credit control operation is performed by
A.    Rural Banks
B.    Commercial Banks
C.    Reserve Bank
D.    State bank of india

Answer : C.  Reserve Bank

Same price prevails throughout the market under
A.    Perfect Competition
B.    Monopoly
C.    Monopolistic competition
D.    Oligopoly

Answer : A.  Perfect Competition