General English & Reasoning Topics
Undergraduate level — General English & Reasoning
Choose question count and time — session stays in your browser only.
filter_alt Topics
Reading Comprehension
Grammar
Analytical Reasoning
Quantitative
General Awareness
quiz Questions
Q221
Who is known as the father of modern economics?
Primary deficit
Revenue deficit
Adam Smith
Fiscal deficit
Explanation
Adam Smith wrote The Wealth of Nations in 1776.
Q222
The law of demand states that demand generally
Falls when price rises
Primary deficit
Fiscal deficit
Revenue deficit
Explanation
Other things equal, price and quantity demanded are inversely related.
Q223
The law of supply states that supply generally
Rises when price rises
Revenue deficit
Primary deficit
Fiscal deficit
Explanation
Higher prices incentivize producers to supply more.
Q224
A market situation with single seller is called
Primary deficit
Fiscal deficit
Monopoly
Revenue deficit
Explanation
Monopoly refers to one seller and many buyers.
Q225
A market with many buyers and many sellers is
Fiscal deficit
Primary deficit
Perfect competition
Revenue deficit
Explanation
Perfect competition has numerous buyers and sellers with homogeneous product.
Q226
Price elasticity of demand measures responsiveness of
Demand to price changes
Primary deficit
Fiscal deficit
Revenue deficit
Explanation
PED shows percentage change in quantity demanded due to price change.
Q227
National income in India is measured mainly by
Revenue deficit
Fiscal deficit
Central Statistics Office
Primary deficit
Explanation
MoSPI through National Statistical Office compiles national accounts.
Q228
GDP stands for
Gross Domestic Product
Primary deficit
Fiscal deficit
Revenue deficit
Explanation
GDP is total value of final goods and services produced within a country.
Q229
GNP is GDP plus
Primary deficit
Fiscal deficit
Revenue deficit
Net factor income from abroad
Explanation
GNP includes income residents earn from abroad net of payments out.
Q230
Inflation means sustained rise in
General price level
Revenue deficit
Primary deficit
Fiscal deficit
Explanation
Inflation is persistent increase in overall price level.