Economics is a science because
Positive statements concern what is; normative statements concern—
Which of the following statements are positive statements?
(i) India is overpopulated.
(ii) Agricultural income should be taxed.
(iii) Service-class people should be exempted from income tax
(iv) There is tremendous tax evasion in India.
Positive statement tells the facts
and normative statment tells 'what ought to be'
The central problems of an economy arises because of—
The central problems relating to allocation of resources -
The problem of allocation of resources arises due to the scarcity of resources, and refers to the question of which wants should be satisfied and which should be left unsatisfied. In other words, what to produce and how much to produce.
The problem of ‘What to produce’ relates to—
What possible commodities to produce: An economy has to decide, which consumer goods (rice, wheat, clothes, etc.) and which of the capital goods (machinery, equipment's, etc.) are to be produced.
Micro economics deals with—
Microeconomics deals with prices and production in single markets , The economic behaviour of an individual unit and the interaction between different markets, but leaves the study of economy-wide aggregates to macroeconomics.
The objective of macro-economics is to study about—
Micro economics covers the study of—
(i) Consumer’s behaviour
(ii) Producer’s equilibrium
(iii) Fiscal system of an economy
(iv) Factor pricing
Macro-economics is also known as—
(i) Method of Lumping
(ii) Price Theory
(iii) General equilibrium analysis
(iv) Aggregative Economics
Which of the following is not correct?
A theory may contain all but not one of the following—
Positive economics deals with—
Micro economics does not cover—
Find the odd—
A mixed economy to solve its central problems relies on—
In a socialist economy, the basic force of economic activity is profit. This statement is—
The interference of the government is very limited in—
Both private and public sectors exist side by side in—
In a competitive economy, the uncrowned king is—