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33. Economics is an art as-- (a) it teaches us to do (b) it provides practical solutions to various economic problems (c) it is practice of knowledge (d) all the above?
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33. Economics is an art as-- (a) it teaches us to do (b) it provides p...
Economics is an art as it:


  • Teaches us to do

  • Provides practical solutions to various economic problems

  • Is practice of knowledge

  • All the above



Teaches us to do:
Economics teaches us how to make the best use of limited resources to satisfy the unlimited wants of individuals, societies, and nations. It teaches us how to allocate resources effectively and efficiently. It also teaches us how to make informed decisions about production, consumption, and distribution of goods and services.

Provides practical solutions to various economic problems:
Economics provides practical solutions to various economic problems faced by individuals, societies, and nations. It helps us to understand the causes and effects of inflation, recession, and unemployment. It also provides insight into how to tackle issues related to poverty, income inequality, and environmental degradation.

Is practice of knowledge:
Economics is the practice of knowledge that deals with the production, consumption, and distribution of goods and services. It involves the study of human behavior as it relates to economic activities. It is a social science that seeks to understand the behavior of individuals, firms, and governments in the marketplace.

All the above:
In conclusion, economics is an art as it teaches us to do, provides practical solutions to various economic problems, and is the practice of knowledge. It is a dynamic field that continues to evolve as new economic challenges arise. By studying economics, we can develop the skills and knowledge necessary to address these challenges and improve the well-being of individuals, societies, and nations.
Community Answer
33. Economics is an art as-- (a) it teaches us to do (b) it provides p...
(D) all of the above
because art means practice of knowladge
for example a teacher teaching in class. he has knowladge and he is practicing the knowladge.
if the teacher is not teaching in class he is silent but he has knowledge this is not called an art,he is not doing practice of his knowledge
and option (a), (b) &(c) are synonyms of art
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Similar CA Foundation Doubts

Features of a Mixed Economy:A mixed economy is an economic system that combines elements of both a market economy and a planned economy. It incorporates features of both private enterprise and government intervention. The correct answer is D, as all of the following features are characteristic of a mixed economy:1. Planned economy:A mixed economy includes elements of a planned economy, where the government plays a role in guiding and regulating economic activities. It formulates economic plans and policies to ensure the efficient allocation of resources and to promote economic stability.2. Dual system of pricing:In a mixed economy, there exists a dual system of pricing, which means that both market prices and government-set prices coexist. While market forces determine prices for most goods and services, the government may intervene to regulate prices in certain sectors to protect consumers or promote social welfare.3. Balanced regional development:Another characteristic of a mixed economy is the emphasis on balanced regional development. The government intervenes to ensure that economic growth and development are not concentrated in specific regions or industries but are spread across different regions and sectors. This helps to reduce regional disparities and promote overall economic stability and social welfare.Benefits of a Mixed Economy:A mixed economy offers several benefits due to its combination of market forces and government intervention. Some of these benefits include:1. Economic efficiency:By incorporating market mechanisms, a mixed economy allows for resource allocation based on supply and demand, which promotes economic efficiency. Market forces encourage competition, innovation, and productivity, leading to higher levels of economic growth.2. Social welfare:Government intervention in a mixed economy enables the provision of public goods and services that may not be adequately provided by the market alone. This includes areas such as healthcare, education, infrastructure, and social security, ensuring a certain level of social welfare and equity.3. Stability and regulation:The government's role in a mixed economy helps to maintain economic stability through macroeconomic policies such as fiscal and monetary measures. It also regulates certain sectors to prevent market failures, protect consumer rights, and ensure fair competition.Conclusion:A mixed economy combines the advantages of both market forces and government intervention. It allows for economic efficiency, social welfare, and stability. The features of a mixed economy include elements of a planned economy, a dual system of pricing, and balanced regional development. These features work together to create a system that promotes both economic growth and social welfare.

33. Economics is an art as-- (a) it teaches us to do (b) it provides practical solutions to various economic problems (c) it is practice of knowledge (d) all the above?
Question Description
33. Economics is an art as-- (a) it teaches us to do (b) it provides practical solutions to various economic problems (c) it is practice of knowledge (d) all the above? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about 33. Economics is an art as-- (a) it teaches us to do (b) it provides practical solutions to various economic problems (c) it is practice of knowledge (d) all the above? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 33. Economics is an art as-- (a) it teaches us to do (b) it provides practical solutions to various economic problems (c) it is practice of knowledge (d) all the above?.
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