Exams begin on 28 September --- Good Luck Andreans

7 Question Challenge - 2 - 2015-16

1.    The opportunity cost of a good is A)    The time lost in finding it B)    The quantity of other goods sacrificed to get another unit of that good C)    The expenditure on the good D)    The loss of interest in using savings 2.    If new firms enter a market, but demand stays the same, it can be              predicted  that: A)   Consumer surplus will fall B)   Prices are likely to fall C)   There will be reduced economic welfare D)   Prices are likely to rise 3.    Time series data show information A)   About the same point in time over different places B)   About different points in time over the same variable C)   About different variables over different places D)    About different points in time over different places 4.    When a market is in equilibrium A)   Quantity demanded equals quantity supplied B)   Excess demand and excess supply are zero C)   The market is cleared by the equilibrium price D)   All of the above 5.   If a price increase of good A increases the quantity demanded of good B,       then good B is a A)   Substitute good B)   Complementary good C)   Bargain D)   Inferior good 6.   Name the economist pictured below: 7. Can you identify this Nobel Prize winning economist? Email your answers with your name and roll number to profKMody@gmail.com by 23 September 2015

Answers: 7 Question Challenge - 1 - 2015-16

1. Which of these is not a monetary policy tool?

C. Balance account

2. Inflation is a sustained increase in the level of?

D. Prices

3. Monetary policy refers to what the Reserve Bank of India does to influence the amount of __________ and __________ in the Indian economy.
C. Money and credit

4. The goals of monetary policy do NOT include the promotion of _________________.
D. Low taxes

5. Expansionary monetary policy is most effective when
A. The economy has spare capacity

6. Who was the first Indian Governor of the Reserve Bank of India?
Dr. C. D. Deshmukh


7. Can you guess the name of this economist?

Dr. Amartya Kumar Sen. He was awarded the Nobel Memorial Prize in Economic Sciences in 1998 and Bharat Ratna in 1999 for his work in welfare economics. He was also awarded the inaugural Charleston-EFG John Maynard Keynes Prize in recognition of his work on welfare economics in February 2015 during a reception at the Royal Academy in the UK.

CONGRATS TO NEHA AND VIVEK FOR GETTING 6/7 AND ARZOO FOR 5/7