21. ___________ is the set of all possible combinations of the two inputs that yield the same maximum possible level of output.

1. The Short Run
2. The Long Run
3. Isoquant
4. Average product

Option “C” is correct
An isoquant is a contour line drawn through the set of points at which the same quantity of output is produced while changing the quantities of two or more inputs. In other words, Isoquant is the set of all possible combinations of the two inputs that yield the same maximum possible level of output.
22. The __________ exchange rate is the price of one unit of foreign currency in terms of domestic currency.

1. Artificial
2. Nominal
3. Fixed
4. Real

Option “B” is correct
The nominal exchange rate is defined as the number of units of the domestic currency that can purchase a unit of a given foreign currency and vice versa.
23. A commodity market has a _________ structure, if there is one seller of the commodity, the commodity has no substitute, and entry into the industry by another firm is prevented.

1. Perfect Competition
2. Monopoly
3. Oligopoly
4. Monopolistic Competition

Option “B” is correct
A commodity market has a monopoly structure, if there is one seller of the commodity, the commodity has no substitute, and entry into the industry by another firm is prevented.
24. Goods for which demand move in the opposite direction of the income of the consumer are called?

1. Inferior goods
2. Normal goods
3. Complementary goods
4. Substitute goods

Option “A” is correct
Goods for which demand move in the opposite direction of the income of the consumer are called Inferior goods.
25. Which among the following does not count in the development expenditure of government?

1. Expenditure on economic services
2. Expenditure on social services
3. Grant to states
4. Defence expenditure

Option “D” is correct
Developmental expenditure refers to the expenditure of the government which helps in economic development by increasing production and real income of the country.It doesn’t include Defence expenditure.
26. Planning Commission was constituted in India in which year?

1. 1947
2. 1950
3. 1949
4. 1952

Option “B” is correct
The Planning Commission was set up by a Resolution of the Government of India in March 1950 in pursuance of declared objectives of the Government to promote a rapid rise in the standard of living of the people by efficient exploitation of the resources of the country, increasing production and offering opportunities to all for employment in the service of the community.
27. Which one of the following pair is incorrect?

1. Fifth Five Year Plan – 1961-66
2. Eight Five Year Plan – 1992-97
3. Eleventh Five Year Plan – 2007-12
4. First Five Year Plan – 1951-56

Option “A” is correct
Third Five Year Plan (1961-66) :The third plan emphasized on agriculture owing to Green Revolution and improving production of rice.
28. How many Miniratna companies are there in Category – II?

1. 17
2. 15
3. 13
4. 16

Option “B” is correct
There were 15 Miniratna companies in category-II 
29. GNP – depreciation allowances = ______

1. National Income
2. NDP
3. NNP
4. GNP

Option “C” is correct
Net national product (NNP) is the market value of a nation’s goods and services minus depreciation.
30. Offloading of government shares to private companies is known as _____.

1. Investment
2. Disinvestment
3. Centralization
4. Decentralization

Option “B” is correct
Disinvestment is defined as the action of an government selling or liquidating an asset or subsidiary. It is also referred to as ‘divestment’ or ‘divestiture.In this government sells its share in PSU’s to private companies.
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