Tag: impact of technology on livelihoods

Questions Related to impact of technology on livelihoods

When will increase in supply bring down the price, leaving the quantity demanded unchanged?

business economics and quantitative methods foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. When the demand for the commodity is perfectly elastic.

  2. When the demand for the commodity is perfectly inelastic.

  3. When the demand for the commodity is relatively elastic.

  4. When demand for the commodity is unitary elastic.

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Correct Option: B
Explanation:

When the demand for a commodity is perfectly inelastic the change in price will have no effect on the quantity demanded. The consumers do not change their demand due to the change in price. This usually is seen in case of necessities. Hence, the equilibrium quantity will be same the price might increase or decrease. 

In a situation when productivity increases owing to improvement in technology, equilibrium price tends fall.

business economics and quantitative methods foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. True

  2. False

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Correct Option: A
Explanation:

True.
Owing to improvement in technology, supply of the good in the market will increase causing a rightward shift of the supply curve. Accordingly, equilibrium price will decrease.

Market price is always equal to or greater than the support price of a commodity.

business economics and quantitative methods foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. True

  2. False

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Correct Option: A
Explanation:

True.

In a situation of support price (which is the minimum price assured to the producers), market price ought to be equal to or greater than the support price.

In a state of increasing cost of production leading to a substantial cut in production, equilibrium price will fall.

business economics and quantitative methods foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. True

  2. False

Show answer
Correct Option: B
Explanation:

False.
With a substantial cut in production due to increase in cost of production, the supply curve shifts to the left and equilibrium price will, thus, increase.

In a situation of war when people are fearing shortage of rice, equilibrium price of rice tends to rise.

business economics and quantitative methods foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. True

  2. False

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Correct Option: A
Explanation:

True.
Fearing shortage of rice, the demand curve for rice will shift towards right, causing a rise in equilibrium price.


In a situation when import of inputs becomes expensive, equilibrium price of the commodity tends to rise.

business economics and quantitative methods foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. True

  2. False

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Correct Option: A
Explanation:

True.
When import of inputs becomes expensive, the cost of production rises, leading to a cut in supplies. The supply curve shifts to the left. Accordingly, equilibrium price of the commodity tends to rise.

According to Keynesian theory of income determination, at full employment, a fall in aggregate demand lead to a ___________.

business economics and quantitative methods foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. fall in prices of output and resources

  2. fall in real gross national product and employment

  3. rise in real gross national product and investment

  4. rise in prices of output and resources

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Correct Option: A


When there is no excess demand or excess supply in the market, everybody is equally satisfied (or nobody suffers any shortage).

business economics and quantitative methods foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. True

  2. False

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Correct Option: B
Explanation:

False.
When there is no excess demand or excess supply, the market clears. However, it does not mean that everybody is equally satisfied. At the given market price, some people may not be able to buy the product, and therefore, remain unsatisfied.

With which crop has Green Revolution been associated?

general knowledge impact of technology on livelihoods animal husbandry and fishery cattle farming agriculture sector

  1. Millets

  2. Wheat

  3. Pulses

  4. Sugarcane

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Correct Option: B

A genetically engineered form of brinjal known as the Bt-brinjal has been developed. The objective of this is___________.

general knowledge impact of technology on livelihoods animal husbandry and fishery cattle farming agriculture sector

  1. To make in pest-resistant

  2. To improve its taste and nutritive qualities

  3. To make it drought-resistant

  4. To make its shelf-life longer

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Correct Option: A