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All questions of Introduction to Microeconomics for Humanities/Arts Exam
Calculate Purchase on Investment. The information is Opening balance of Investment – Rs. 2,50,000, closing balance Investment – Rs. 5,00,000, Sale – Rs.1,37,500, Profit on sale – Rs.12,500.- a)Rs. 3,75,000
- b)Rs. 2,75,000
- c)Rs. 3,50,000
- d)Rs. 2,50,000
Correct answer is 'A'. Can you explain this answer?
Calculate Purchase on Investment. The information is Opening balance of Investment – Rs. 2,50,000, closing balance Investment – Rs. 5,00,000, Sale – Rs.1,37,500, Profit on sale – Rs.12,500.
a)
Rs. 3,75,000
b)
Rs. 2,75,000
c)
Rs. 3,50,000
d)
Rs. 2,50,000
|
Rithika Khanna answered |
Purchase of investment during the year Rs.3,75,000 i.e. 5,00,000 + 1,37,500 – 2,50,000 – 12,500 = 3,75,000
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What is the other name for opportunity cost in economics- a)Total Cost
- b)Marginal cost
- c)Economic cost
- d)Economic problem
Correct answer is option 'C'. Can you explain this answer?
What is the other name for opportunity cost in economics
a)
Total Cost
b)
Marginal cost
c)
Economic cost
d)
Economic problem
|
Aryan Khanna answered |
Economic cost is the combination of losses of any goods that have a value attached to them by any one individual. Economic cost is used mainly by economists as means to compare the prudence of one course of action with that of another.
An economy always produces on, but not inside a PPC.
- a)True
- b)False
- c)Occasionally
- d)Can’t say
Correct answer is option 'B'. Can you explain this answer?
An economy always produces on, but not inside a PPC.
a)
True
b)
False
c)
Occasionally
d)
Can’t say
|
|
Alok Mehta answered |
An economy does not always on a ppc . when an economy produces on ppc it mean there is no unemployment and all the resources are fully and being used efficiently but practically these 2 conditions may not apply . if there is unemployment or inefficent use of resources an ecnmy will opreate inside the ppc therefor the above given statement is refuted .
The basic factors of production are land, labour, capital and______
- a)Investment
- b)Entrepreneurship
- c)Resources
- d)Machinery
Correct answer is option 'B'. Can you explain this answer?
The basic factors of production are land, labour, capital and______
a)
Investment
b)
Entrepreneurship
c)
Resources
d)
Machinery
|
|
Alok Mehta answered |
The four factors of production are land, labor, capital goods, and entrepreneurship. They are the inputs needed for supply. They produce all the goods and services in an economy. That's measured by gross domestic product.
The basic economic activities put in order are- a)Consumption, exchange and production
- b) Production, Exchange and consumption
- c) Production, consumption and exchange
- d) Exchange, production and consumption
Correct answer is option 'B'. Can you explain this answer?
The basic economic activities put in order are
a)
Consumption, exchange and production
b)
Production, Exchange and consumption
c)
Production, consumption and exchange
d)
Exchange, production and consumption
|
|
Aryan Khanna answered |
Production, consumption and capital formation are called the basic economic activities of an economy. Scarce resources are used in the production of goods and services with the objective of satisfying our needs and wants.
A tutor earns Rs. 1000 per hour teaching economics. If he joins a school, he would earn on an average Rs. 300 per hour. What is the opportunity cost of teaching in school?- a) Rs. 300
- b)Rs. 700
- c)Rs. 1000
- d)Rs. 1300
Correct answer is option 'A'. Can you explain this answer?
A tutor earns Rs. 1000 per hour teaching economics. If he joins a school, he would earn on an average Rs. 300 per hour. What is the opportunity cost of teaching in school?
a)
Rs. 300
b)
Rs. 700
c)
Rs. 1000
d)
Rs. 1300
|
Kiran Mehta answered |
Opportunity cost is the profit lost when one alternative is selected over another. The concept is useful simply as a reminder to examine all reasonable alternatives before making a decision.
The subject of a Microeconomic study is- a) Individual economy
- b) Mixed economies
- c) Individual economic unit
- d) Planned economies
Correct answer is option 'C'. Can you explain this answer?
The subject of a Microeconomic study is
a)
Individual economy
b)
Mixed economies
c)
Individual economic unit
d)
Planned economies
|
Arjun Saini answered |
Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms
A PPC can shift its position if and only if- a) If technology improves
- b) If resources remain constant
- c) None of these
- d) If technology remains constant
Correct answer is option 'A'. Can you explain this answer?
A PPC can shift its position if and only if
a)
If technology improves
b)
If resources remain constant
c)
None of these
d)
If technology remains constant
|
Rhea Choudhary answered |
The most common reason a PPF would shift is because of a change in technology, or because of economic growth.
Microeconomics studies the behaviour of - a)Individual economic unit
- b) Mixed economies
- c) Individual economy
- d)Planned economies
Correct answer is 'A'. Can you explain this answer?
Microeconomics studies the behaviour of
a)
Individual economic unit
b)
Mixed economies
c)
Individual economy
d)
Planned economies
|
|
Arjun Singhania answered |
I. The term Micro Economics is derived from the Greek work “Mikros” which means “Small”. Micro economics gives a detailed analysis of one part of the economy or society. It studies the behaviour of individual units of the economy, such as households, firms, industries and markets.ii. Micro economics is concerned with the study of behaviour of individual element(s) of an economy, whereas, macro economies concerned with the study of behaviours of an economy as whole.iii. Micro-economics gives a microscopic picture of the economy. The activities of numerous economic units and their inter-relationship are studied and analysed minutely through this method.
All unattainable combinations will lie- a)Under the PPC only
- b)On and under the PPC
- c)On the PPC only
- d) Above the PPC only
Correct answer is option 'D'. Can you explain this answer?
All unattainable combinations will lie
a)
Under the PPC only
b)
On and under the PPC
c)
On the PPC only
d)
Above the PPC only
|
Muskaan Mishra answered |
Points outside the PPF are unattainable production points given current resources and technologies. It is impossible for an economy to produce outside its PPF. The PPF can change, however, with changes in resources or technology.
Who gets how much in an economy is best described by which of the following central problems?
- a)What to produce
- b) For whom to produce
- c) How to produce
- d)None of these
Correct answer is option 'B'. Can you explain this answer?
Who gets how much in an economy is best described by which of the following central problems?
a)
What to produce
b)
For whom to produce
c)
How to produce
d)
None of these
|
Anuj Choudhury answered |
For whom to produce refers to selection of the category of people who will ultimately consume the goods, i.e. whether to produce goods for more poor and less rich or more rich and less poor. Since resources are scarce in every economy, no society can satisfy all the wants of its people.
Which central problem explains ‘who gets more and who gets less’? - a)Scarcity of resources
- b) What to produce
- c)For whom to produce
- d)How to produce
Correct answer is option 'C'. Can you explain this answer?
Which central problem explains ‘who gets more and who gets less’?
a)
Scarcity of resources
b)
What to produce
c)
For whom to produce
d)
How to produce
|
Rahul Chaudhary answered |
This problem refers to selection of the category of people who will ultimately consume the goods, i.e. whether to produce goods for more poor and less rich or more rich and less poor. Since resources are scarce in every economy, no society can satisfy all the wants of its people. Thus, a problem of choice arises.
Which of the following is the correct expression of Marginal Rate of Transformation?- a) 2Y for 1X
- b) 1:2
- c) 2:1
- d) 2Y
Correct answer is option 'B'. Can you explain this answer?
Which of the following is the correct expression of Marginal Rate of Transformation?
a)
2Y for 1X
b)
1:2
c)
2:1
d)
2Y
|
Srishti Roy answered |
The Marginal Rate of Transformation (MRT) is defined as the rate at which one good is exchanged for another good, while keeping the level of satisfaction of the consumer constant. It is also known as the slope of the production possibility curve.
The correct expression of Marginal Rate of Transformation is 1:2.
Explanation:
MRT is expressed as the ratio of the amount of one good that must be given up to produce an additional unit of another good. In this case, the ratio is 1:2, which means that to produce one additional unit of good X, 2 units of good Y must be given up. This implies that the opportunity cost of producing one unit of good X is 2 units of good Y.
Therefore, the correct expression for MRT is option B, which is 1:2.
The correct expression of Marginal Rate of Transformation is 1:2.
Explanation:
MRT is expressed as the ratio of the amount of one good that must be given up to produce an additional unit of another good. In this case, the ratio is 1:2, which means that to produce one additional unit of good X, 2 units of good Y must be given up. This implies that the opportunity cost of producing one unit of good X is 2 units of good Y.
Therefore, the correct expression for MRT is option B, which is 1:2.
Does production takes place only on PPC?
- a) No
- b)Sometimes
- c)Yes
- d)Can’t say
Correct answer is option 'B'. Can you explain this answer?
Does production takes place only on PPC?
a)
No
b)
Sometimes
c)
Yes
d)
Can’t say
|
Subham Roy answered |
When all resources are employed on ideal situation, production can take place on PPC
The basic factors of production are land, labour, capital and______ - a)Resources
- b)Machinery
- c)Investment
- d)Entrepreneurship
Correct answer is option 'D'. Can you explain this answer?
The basic factors of production are land, labour, capital and______
a)
Resources
b)
Machinery
c)
Investment
d)
Entrepreneurship
|
Aditya Kumar The Best answered |
Factors of production is an economic term that describes the inputs that are used in the production of goods or services in order to make an economic profit. This include land, labour, capital and entrepreneurship.
The positive economic analysis deals with the variables- a) As they should be
- b) As they are
- c) As they are expected
- d) As they seem to be
Correct answer is option 'B'. Can you explain this answer?
The positive economic analysis deals with the variables
a)
As they should be
b)
As they are
c)
As they are expected
d)
As they seem to be
|
|
Kiran Mehta answered |
Positive economics is the branch of economics that concerns the description and explanation of economic phenomena. It focuses on facts and cause-and-effect behavioral relationships and includes the development and testing of economics theories.
In a market economy, the central problems are solved by- a) Supply of goods
- b) Planning authority
- c) Demand for goods
- d) Market mechanism
Correct answer is option 'D'. Can you explain this answer?
In a market economy, the central problems are solved by
a)
Supply of goods
b)
Planning authority
c)
Demand for goods
d)
Market mechanism
|
Puja Nambiar answered |
To solve the problems through market or price mechanism ie., what goods are to be produced and what quantities, which methods for production are to be employed for the production of goods and how the output is to be distributed, should be decided by the free play of the forces of demand and supply.
One of the characteristics of economic resource is scarcity. Which is the other?- a)They have alternate uses
- b)They are available in limited quantity
- c)They are in abundance
- d)They are not marketable
Correct answer is option 'A'. Can you explain this answer?
One of the characteristics of economic resource is scarcity. Which is the other?
a)
They have alternate uses
b)
They are available in limited quantity
c)
They are in abundance
d)
They are not marketable
|
Priyanka Ravichandran answered |
Economics is scracity because they have alternative uses... It is the important characteristics of economy
If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to:- a)Increase
- b)Decrease
- c)Remain the same
- d)Become zero
Correct answer is option 'A'. Can you explain this answer?
If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to:
a)
Increase
b)
Decrease
c)
Remain the same
d)
Become zero
|
Naina Sharma answered |
Since,the demand of the good is inelastic. So,even if the price will increase the consumer will not decrease the consumption of that good.They will continue to purchase that goods. Due to this the production will go on.And so,the expenditure will increase.
Positive economics states- a)Central problems of an economy be
- b)What will
- c)What is
- d)What is supposed to be
Correct answer is option 'B'. Can you explain this answer?
Positive economics states
a)
Central problems of an economy be
b)
What will
c)
What is
d)
What is supposed to be
|
|
Alok Mehta answered |
Positive economics is objective and fact based, while normative economics is subjective and value based. Positive economic statements must be able to be tested and proved or disproved. Normative economic statements are opinion based, so they cannot be proved or disproved.
A PPC is downward sloping and____________ to the origin. Choose the correct option.- a)Convex
- b)Concave
- c)Inverse U shaped
- d)U shaped
Correct answer is option 'B'. Can you explain this answer?
A PPC is downward sloping and____________ to the origin. Choose the correct option.
a)
Convex
b)
Concave
c)
Inverse U shaped
d)
U shaped
|
Leena Hotwani answered |
P.P.C. is concave to the origin due to increase in marginal rate of transformation.
One or more persons living together and having a common budget is called:- a)A family
- b)Organisation
- c)Household
- d)All commodities in a house
Correct answer is option 'C'. Can you explain this answer?
One or more persons living together and having a common budget is called:
a)
A family
b)
Organisation
c)
Household
d)
All commodities in a house
|
Manisha Patel answered |
Allocation of resource means distribution of resource. Distribution of resource means factory of production i.e land, labour , capital and entreprenureship . so allocation of resource result in production of goods and services
Normative economics states- a)What ought to be
- b)Central problems of an economy
- c)What was
- d)What is
Correct answer is option 'A'. Can you explain this answer?
Normative economics states
a)
What ought to be
b)
Central problems of an economy
c)
What was
d)
What is
|
Priya Patel answered |
Normative economics. Normative economics (as opposed to positive economics) is a part of economics that expresses value or normative judgments about economic fairness or what the outcome of the economy or goals of public policy ought to be.
A PPC can be a straight line due to which of the following- a)Increasing Marginal Rate of Substitution
- b)Constant Marginal Rate of Substitution
- c)Decreasing Marginal Opportunity cost
- d)Constant Marginal Opportunity Cost
Correct answer is option 'D'. Can you explain this answer?
A PPC can be a straight line due to which of the following
a)
Increasing Marginal Rate of Substitution
b)
Constant Marginal Rate of Substitution
c)
Decreasing Marginal Opportunity cost
d)
Constant Marginal Opportunity Cost
|
Swara Saha answered |
A PPC curve can be a straight line only if the marginal rate of transformation is constant throughout the curve. A MRT can remain constant only if both the commodities are equally constant and marginal utility derived from their production is also constant.
In Economics, a good is something which- a)Satisfies wants and needs
- b)Can be a service
- c)Appears appealing
- d)Is a service
Correct answer is option 'A'. Can you explain this answer?
In Economics, a good is something which
a)
Satisfies wants and needs
b)
Can be a service
c)
Appears appealing
d)
Is a service
|
Om Desai answered |
In Economics, goods are materials that satisfy human wants and provide utility. A good may be a consumable item that is useful to people but scarce in relation to its demand, so that human effort is required to obtain it.
Economic theory means:- a)Economic policy
- b)Principles of economics
- c)Descriptive economics
- d)Economic facts
Correct answer is option 'B'. Can you explain this answer?
Economic theory means:
a)
Economic policy
b)
Principles of economics
c)
Descriptive economics
d)
Economic facts
|
Rajat Patel answered |
Economic theory the ideas and priniciples that aim to describe how economies work.
The basic economic problem arises in- a) All Economies
- b) Mixed Economies
- c) Socialist economies
- d) Market Economies
Correct answer is option 'A'. Can you explain this answer?
The basic economic problem arises in
a)
All Economies
b)
Mixed Economies
c)
Socialist economies
d)
Market Economies
|
|
Aniket Basu answered |
Economic problem arises mainly due to two reasons- (i) human wants are unlimited (ii) means to satisfy human wants are scarce. The problem of scarcity is faced by an individual and the society. With wants unlimited and resources scarce, our wants cannot be fulfilled.
Do you agree that the PPC indicates maximum production capacity of an economy- a) Yes
- b) Never
- c) Sometimes
- d) No
Correct answer is option 'A'. Can you explain this answer?
Do you agree that the PPC indicates maximum production capacity of an economy
a)
Yes
b)
Never
c)
Sometimes
d)
No
|
|
Aryan Khanna answered |
The production possibility curve shows the maximum output combination of two goods and services that an economy can produce with all resources fully employed.
All attainable combinations will lie- a)Under the PPC only
- b)On the PPC only
- c)On and under the PPC
- d)Above the PPC only
Correct answer is option 'C'. Can you explain this answer?
All attainable combinations will lie
a)
Under the PPC only
b)
On the PPC only
c)
On and under the PPC
d)
Above the PPC only
|
|
Aryan Khanna answered |
A production possibilities frontier (PPF) is a diagram that illustrates the possible production points for an economy based on its resources and technology.Production points on a PPF are possible and efficient. Production points on a PPF represent efficient use of all of the economy’s resources.
The horizontal demand curve parallel to x-axis implies that the elasticity of demand is:- a)Zero
- b)Infinite
- c)Equal to one
- d)Greater than zero but less than infinity
Correct answer is option 'B'. Can you explain this answer?
The horizontal demand curve parallel to x-axis implies that the elasticity of demand is:
a)
Zero
b)
Infinite
c)
Equal to one
d)
Greater than zero but less than infinity
|
Gursim answered |
Infinite as demand can go on increasing even when the price is constant
The study of jute industry is a macroeconomic study. This statement is- a)False
- b)True
- c)Can’t say
- d)Conditional
Correct answer is option 'A'. Can you explain this answer?
The study of jute industry is a macroeconomic study. This statement is
a)
False
b)
True
c)
Can’t say
d)
Conditional
|
Harsh Prajapati answered |
Bcoz macro. studies the economy as a whole.ex:- aggregate demand,aggregate supply.jute industry is a part of micro.
Larger production of ___________ goods would lead to higher production in the future.- a)Nuclear Power
- b)Electricity
- c)Capital
- d)Coal
Correct answer is option 'C'. Can you explain this answer?
Larger production of ___________ goods would lead to higher production in the future.
a)
Nuclear Power
b)
Electricity
c)
Capital
d)
Coal
|
Bibek Desai answered |
A capital good is a durable good that is used in the production of goods or services. Capital goods are one of the three types of producer goods, the other two being land and labour which are also known collectively as primary factors of production.
One or more persons living together and having a common budget is called:- a)A family
- b)Organisation
- c)Household
- d)All commodities in a house
- e)
Correct answer is option 'C'. Can you explain this answer?
One or more persons living together and having a common budget is called:
a)
A family
b)
Organisation
c)
Household
d)
All commodities in a house
e)
|
Vikas Kapoor answered |
A household consists of one or more people who live in the same dwelling and share meals. It may also consist of a single family or another group of people.
Massive unemployment shifts the PPC to the- a) Can’t say
- b) Right
- c) Left
- d) No effect
Correct answer is option 'D'. Can you explain this answer?
Massive unemployment shifts the PPC to the
a)
Can’t say
b)
Right
c)
Left
d)
No effect
|
Jayant Mishra answered |
Production is drawn on the basis that the given resources are fully as well as efficiently utilized. Massive unemployment is a situation when resources are not fully utilized. Or it is a situation of under employment. It would only mean that the economy is not operating on the PPC but some-what inside the PPC. Therefore PPC will not shift to leftward and so, there is no effect on PPC.
For a farmer increasing sacrifice of potatoes for each unit of onions will produce _______ shape of his PPC.- a)Concave
- b) Hyperbola
- c)Straight
- d)Convex
Correct answer is option 'A'. Can you explain this answer?
For a farmer increasing sacrifice of potatoes for each unit of onions will produce _______ shape of his PPC.
a)
Concave
b)
Hyperbola
c)
Straight
d)
Convex
|
Rohit Joshi answered |
Marginal ooportunity cost is defined as the amount of one good that needs to be given up in order to increase the production of the other good by one unit. It is calculated as Units of good one sacrificed/ units of the other good obtained. PPC is concave to origin because marginal opportunity cost increase due to law of diminshing returns.
As they see Opportunity cost means - a)The money value of an opportunity in producing a good
- b)Cost of a resource used in production
- c) The best alternative use of a resource
- d) Next best alternative foregone
Correct answer is option 'D'. Can you explain this answer?
As they see Opportunity cost means
a)
The money value of an opportunity in producing a good
b)
Cost of a resource used in production
c)
The best alternative use of a resource
d)
Next best alternative foregone
|
Jatin Sharma answered |
**Explanation:**
Opportunity cost is the value of the next best alternative that is forgone when a choice is made. It is the cost of not choosing the next best alternative. In other words, it is the value of the best option that is sacrificed in order to choose a different option.
Here is a detailed explanation of why option 'D' is the correct answer:
**Next best alternative foregone:**
Opportunity cost refers to the value of the next best alternative that is foregone when a decision is made. When resources are limited, choosing to allocate them towards one option means sacrificing the benefits that could have been gained from the next best alternative. This is the essence of opportunity cost.
**Example:**
For example, suppose a person has the option to either start a business or go to college. If they choose to start a business, the opportunity cost would be the benefits that could have been gained from going to college. Conversely, if they choose to go to college, the opportunity cost would be the potential benefits of starting a business.
**Comparison with other options:**
Options A, B, and C are not the correct answers because they do not fully capture the concept of opportunity cost. While option A suggests that opportunity cost refers to the money value of an opportunity in producing a good, opportunity cost is not limited to just the money value. It also encompasses the value of the alternative uses of resources.
Option B refers to the cost of a resource used in production which is not necessarily the same as opportunity cost. While the cost of a resource is certainly a factor to consider when calculating opportunity cost, it is not the only factor. Opportunity cost takes into account the value of the next best alternative.
Option C suggests that opportunity cost is the best alternative use of a resource. While this is partly true, it does not fully capture the idea that opportunity cost is the value of the best option that is forgone when a different option is chosen.
Therefore, option 'D' is the correct answer as it best captures the concept of opportunity cost by stating that it is the next best alternative foregone.
Opportunity cost is the value of the next best alternative that is forgone when a choice is made. It is the cost of not choosing the next best alternative. In other words, it is the value of the best option that is sacrificed in order to choose a different option.
Here is a detailed explanation of why option 'D' is the correct answer:
**Next best alternative foregone:**
Opportunity cost refers to the value of the next best alternative that is foregone when a decision is made. When resources are limited, choosing to allocate them towards one option means sacrificing the benefits that could have been gained from the next best alternative. This is the essence of opportunity cost.
**Example:**
For example, suppose a person has the option to either start a business or go to college. If they choose to start a business, the opportunity cost would be the benefits that could have been gained from going to college. Conversely, if they choose to go to college, the opportunity cost would be the potential benefits of starting a business.
**Comparison with other options:**
Options A, B, and C are not the correct answers because they do not fully capture the concept of opportunity cost. While option A suggests that opportunity cost refers to the money value of an opportunity in producing a good, opportunity cost is not limited to just the money value. It also encompasses the value of the alternative uses of resources.
Option B refers to the cost of a resource used in production which is not necessarily the same as opportunity cost. While the cost of a resource is certainly a factor to consider when calculating opportunity cost, it is not the only factor. Opportunity cost takes into account the value of the next best alternative.
Option C suggests that opportunity cost is the best alternative use of a resource. While this is partly true, it does not fully capture the idea that opportunity cost is the value of the best option that is forgone when a different option is chosen.
Therefore, option 'D' is the correct answer as it best captures the concept of opportunity cost by stating that it is the next best alternative foregone.
If MOC decreases, the shape of PPC will be- a) Inverted
- b) Straight
- c) Convex
- d) Concave
Correct answer is option 'C'. Can you explain this answer?
If MOC decreases, the shape of PPC will be
a)
Inverted
b)
Straight
c)
Convex
d)
Concave
|
Naveen Choudhary answered |
PC can be convex to origin if MOC is decreasing, i.e. less and less unites of a commodity are sacrificed for gain of one additional unit.
Calculate Purchase on Investment. The information is Opening balance of Investment – Rs. 2,50,000, closing balance Investment – Rs. 5,00,000, Sale – Rs.1,37,500, Profit on sale – Rs.12,500.- a)Rs. 3,50,000
- b)Rs. 2,75,000
- c)Rs. 3,75,000
- d)Rs. 2,50,000
Correct answer is option 'C'. Can you explain this answer?
Calculate Purchase on Investment. The information is Opening balance of Investment – Rs. 2,50,000, closing balance Investment – Rs. 5,00,000, Sale – Rs.1,37,500, Profit on sale – Rs.12,500.
a)
Rs. 3,50,000
b)
Rs. 2,75,000
c)
Rs. 3,75,000
d)
Rs. 2,50,000
|
Kritika Bajaj answered |
In order to calculate the purchase on investment, we would need more information such as the closing balance of investment and any additional investments or withdrawals made during the period. Additionally, we would need to know if there were any dividends or interest earned on the investment.
In a centrally planned economy, the central problems are solved by- a)Planning authority
- b)Market mechanism
- c)Demand for goods
- d)Supply of goods
Correct answer is option 'A'. Can you explain this answer?
In a centrally planned economy, the central problems are solved by
a)
Planning authority
b)
Market mechanism
c)
Demand for goods
d)
Supply of goods
|
Tanya Mishra answered |
Yeah its planning authority or government of ones country that takes all the major decisions regarding economy
Which central problem explains ‘who gets more and who gets less’?
- a)Scarcity of resources
- b)For whom to produce
- c)What to produce
- d)How to produce
Correct answer is option 'A'. Can you explain this answer?
Which central problem explains ‘who gets more and who gets less’?
a)
Scarcity of resources
b)
For whom to produce
c)
What to produce
d)
How to produce
|
Janhavi Banerjee answered |
The inability of a society to allocate resources efficiently?
Any allocation of resources result in- a)Consumption of goods
- b)Inefficient utilization
- c)Wastage of resources
- d)Production of goods and services
Correct answer is option 'D'. Can you explain this answer?
Any allocation of resources result in
a)
Consumption of goods
b)
Inefficient utilization
c)
Wastage of resources
d)
Production of goods and services
|
Ahtaniya Khan answered |
D.
coz allocation of resources means making optimum utilisation of resources... i.e. resources are fully utilized only when they are used production purpose.. without d wastes of resources.
coz allocation of resources means making optimum utilisation of resources... i.e. resources are fully utilized only when they are used production purpose.. without d wastes of resources.
Price determination of a commodity is a subject matter of microeconomics.- a)False
- b)True
- c)Can’t say
- d)Conditional
Correct answer is option 'B'. Can you explain this answer?
Price determination of a commodity is a subject matter of microeconomics.
a)
False
b)
True
c)
Can’t say
d)
Conditional
|
Prem Yadav answered |
Price of a commodity is decided by demand and supply for it in the economy and aggregate demand supply are macro variables
If an economy was producing 10 billion tonnes of steel and 3 billion tonnes of wheat. What will be the opportunity cost of producing wheat if it was producing 15 tonnes of steel and 2 billion tonnes of wheat?- a) 25 tonnes of steel
- b) 30 tonnes of steel
- c) 5 tonnes of steel
- d) 1 ton of steel
Correct answer is option 'C'. Can you explain this answer?
If an economy was producing 10 billion tonnes of steel and 3 billion tonnes of wheat. What will be the opportunity cost of producing wheat if it was producing 15 tonnes of steel and 2 billion tonnes of wheat?
a)
25 tonnes of steel
b)
30 tonnes of steel
c)
5 tonnes of steel
d)
1 ton of steel
|
|
Naina Sharma answered |
Opportunity cost refers to a benefit that a person could have received, but gave up, to take another course of action. Stated differently, an opportunity cost represents an alternative given up when a decision is made. This cost is, therefore, most relevant for two mutually exclusive events.
Under the Industrial policy of 1991:- a)The mandatory convertible clause is applicable to all term loans.
- b)The mandatory convertible clause is applicable to term loans of more than 10 years.
- c)The mandatory convertible clause is applicable to term loans of less than 10 years.
- d)The mandatory convertible clause is no longer applicable.
Correct answer is option 'D'. Can you explain this answer?
Under the Industrial policy of 1991:
a)
The mandatory convertible clause is applicable to all term loans.
b)
The mandatory convertible clause is applicable to term loans of more than 10 years.
c)
The mandatory convertible clause is applicable to term loans of less than 10 years.
d)
The mandatory convertible clause is no longer applicable.
|
|
Poonam Reddy answered |
A mandatory convertible is a security that automatically converts to common equity on or before a predetermined date. This hybrid security guarantees a certain return up to the conversion date, after which there is no guaranteed return but the possibility of a much higher return.
The Marginal opportunity cost of producing Good X is- a)The marginal cost of Good X produced
- b) The money spent on producing Good X
- c) The cost of production
- d) The quantity of the Good Y sacrificed
Correct answer is option 'D'. Can you explain this answer?
The Marginal opportunity cost of producing Good X is
a)
The marginal cost of Good X produced
b)
The money spent on producing Good X
c)
The cost of production
d)
The quantity of the Good Y sacrificed
|
Arpita Nambiar answered |
Marginal opportunity cost is an economic term that analyzes the effect of producing additional units of a product on the costs of a business, as well as the opportunities the companies give up to produce more of a product.
The problem of growth in an economy means- a) Having limited goods and services to enjoy a high standard of living
- b) Having more goods and services to enjoy a high standard of living
- c) Having enough goods and services to enjoy a high standard of living
- d) Having same goods and services to enjoy a high standard of living
Correct answer is option 'B'. Can you explain this answer?
The problem of growth in an economy means
a)
Having limited goods and services to enjoy a high standard of living
b)
Having more goods and services to enjoy a high standard of living
c)
Having enough goods and services to enjoy a high standard of living
d)
Having same goods and services to enjoy a high standard of living
|
|
Rajat Patel answered |
Economic growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP.
Vinod Limited sold patents costing Rs.20,000 in Rs.22,000. Treatment will be ---- a)Less 20000 operating activities and add 20,000 in investing activities
- b)Less 22000 operating activities and add 20,000 in investing activities
- c)Less 2000 operating activities and add 22,000 in investing activities
- d)Add 2000 operating activities and Less 22,000 in investing activities
Correct answer is option 'C'. Can you explain this answer?
Vinod Limited sold patents costing Rs.20,000 in Rs.22,000. Treatment will be ---
a)
Less 20000 operating activities and add 20,000 in investing activities
b)
Less 22000 operating activities and add 20,000 in investing activities
c)
Less 2000 operating activities and add 22,000 in investing activities
d)
Add 2000 operating activities and Less 22,000 in investing activities
|
Anuj Iyer answered |
Sale of patent is not an operating activity. Profit on sale of patents will be deducted in operating activities and sale price Rs.22,000 will be added in investing activities.
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