The capital that is consumed by an economy or a firm in the production process is known as
The law of scarcity :
Who expressed the view that “Economics is neutral between end”?
Which of the following is the best general definition of the study of Economics?
What implications) does resource scarcity have for the satisfaction of wants?
Rational decision making requires that :
What is the “Fundamental Premise of Economics”?
Which of the following is a normative statement?
Which of the following statements would you consider to be a normative one?
An example of ‘positive’ economic analysis would be :
Identify the correct statement :
A study of how increases in the corporate income tax rate will affect the national unemployment rate is an example of
Which of the following does not suggest a macro approach for India?
Economic goods are considered scarce resources because they
From the national point of view which of the following indicates micro approach?
In a free market economy the allocation or resources is determined by
A capitalist economy uses ____________________ as the principal means of allocating resources.
In a free market economy, when consumers increase their purchase of a good and the level of ________________exceeds ______________ then prices tend to rise.
Which of the following would be considered a disadvantage of allocating resources using a market system?
In a mixed economy,
The central problem in economics is that of
If the PPF is linear, i.e., a straight line, which of the following is true?
Periods of less than full employment correspond to
Which of the following would not result in an rightward shift of the PPF?
During presidential election campaigns, candidates often promise both more “gun” and more “butter” if they are elected. Assuming unemployment is not a problem, what possible assumption are they making but not revealing to their audience?
What is one of the future consequences of an increase in the current level of consumption in the India?
(Direction 27 - 33) Use the figure at right to answer questions.
Q. Which of the following represents the concept of trade-offs?
Q. Which of the following would not move the PPF for this economy closer to point W?
Q. Moving from point A to point D, what happens to the opportunity cost of producing each additional unit of consumer goods?
Q. What is the opportunity cost of moving from point A to point B?
Q. Unemployment or underemployment of one or more resources is illustrated by production at point :
Q. Which of the following is a reason for the curvature or bowed-out shape of the PPF?
Q. Which of the following is a reason for the negative slope of the PPF?
Capital intensive technique would get chosen in a
Labour intensive technique would get chosen in a
Q. In this conversation, the normative statement is made by
Consider the following and decide which, if any, economy is without scarcity :
Which of the following is not a microe-conomic subject matter?
Which of the following is not one of the four central questions that the study of economics is supposed to answer?
If the marginal (additional) opportunity cost is a constant then the PPC would be