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AP Intermediate 2nd Year Introduction to Microeconomics — practice questions

Explore 47 free Introduction to Microeconomics questions in AP Intermediate 2nd Year Economics. Open each question or exercise to read its content, reference answers and available explanation.

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Introduction to Microeconomics questions and exercises with answers

Showing questions 1–30 of 47.

Under colonial rule, the British transformed India primarily into aRead the answer and worked solution →The 'drain of wealth' theory during colonial India is most associated withRead the answer and worked solution →The decline of India's handicraft industries under British rule led toRead the answer and worked solution →The opening of the Suez Canal (1869) affected India's economy byRead the answer and worked solution →During the colonial period, the Indian economy was characterised byRead the answer and worked solution →Most of India's foreign trade during the colonial era was restricted toRead the answer and worked solution →Net Domestic Product (NDP) at market prices equalsRead the answer and worked solution →Which of the following is INCLUDED in GDP?Read the answer and worked solution →If NDP at factor cost is ₹100 lakh and net indirect taxes are ₹15 lakh, NDP at market prices isRead the answer and worked solution →Personal Disposable Income (PDI) equalsRead the answer and worked solution →Which is a TRANSFER payment in the macroeconomic framework?Read the answer and worked solution →Which equation correctly states the EXPENDITURE method of GDP at market prices?Read the answer and worked solution →If GDP at market prices = ₹500, depreciation = ₹50, net indirect taxes = ₹40, NFIA = ₹10, then NNP at factor cost (National Income) =Read the answer and worked solution →Sort: GDP includes or excludes?Read the answer and worked solution →Sort: fixed capital method or fluctuating capital method?Read the answer and worked solution →Which Nobel laureate first introduced the concept of national income?Read the answer and worked solution →Net National Product at factor cost is also known as:Read the answer and worked solution →Per capita income is obtained by dividing national income by:Read the answer and worked solution →Gross National Product at market prices equals GDP at market prices plus:Read the answer and worked solution →The financial year in India runs from:Read the answer and worked solution →Net Domestic Product is calculated as:Read the answer and worked solution →If net factor income from abroad is deducted from Net National Product, the result is:Read the answer and worked solution →Factor cost is obtained from market price by:Read the answer and worked solution →Disposable income is arrived at by taking personal income and:Read the answer and worked solution →Among these aggregates, which is the largest figure?Read the answer and worked solution →The textbook states that India's national income estimates carry a margin of error of at least:Read the answer and worked solution →The Physical Quality of Life Index is described as a better indicator of:Read the answer and worked solution →In social accounting, public enterprises such as Post Offices and railways are classified under which sector?Read the answer and worked solution →Pop what this year's GDP countsRead the answer and worked solution →Fill the money multiplier chainRead the answer and worked solution →

Worked practice questions

Under colonial rule, the British transformed India primarily into a

  1. self-sufficient manufacturing economy
  2. supplier of raw materials and importer of finished goods
  3. major industrial exporter
  4. leading capital-goods producer
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Correct answer: B. supplier of raw materials and importer of finished goods

Colonial policy made India export raw materials (cotton, jute, indigo) and import British finished goods, serving Britain's interests.

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The 'drain of wealth' theory during colonial India is most associated with

  1. B.R. Ambedkar
  2. Dadabhai Naoroji
  3. Mahatma Gandhi
  4. Jawaharlal Nehru
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Correct answer: B. Dadabhai Naoroji

Dadabhai Naoroji expounded the 'drain of wealth' theory, arguing that India's resources were systematically transferred to Britain without adequate return.

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The decline of India's handicraft industries under British rule led to

  1. de-industrialisation and mass unemployment
  2. a manufacturing boom
  3. rapid industrial growth
  4. increased handicraft exports
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Correct answer: A. de-industrialisation and mass unemployment

Cheap British machine-made imports destroyed indigenous handicrafts, causing de-industrialisation and large-scale artisan unemployment.

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