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Consider the following statements:Statement-I:Economics is the study of how societies use resources to produce valuable commodities and distribute them among different people.Statement-II:Economics studies how individuals, firms, governments, and organizations make choices that determine a society's resource utilization.Which one of the following is correct in respect of the above statements?a) Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib) Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic) Statement-I is correct, but Statement-II is incorrectd) Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'A'. Can you explain this answer? for BPSC (Bihar) 2024 is part of BPSC (Bihar) preparation. The Question and answers have been prepared according to the BPSC (Bihar) exam syllabus. Information about Consider the following statements:Statement-I:Economics is the study of how societies use resources to produce valuable commodities and distribute them among different people.Statement-II:Economics studies how individuals, firms, governments, and organizations make choices that determine a society's resource utilization.Which one of the following is correct in respect of the above statements?a) Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib) Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic) Statement-I is correct, but Statement-II is incorrectd) Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for BPSC (Bihar) 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements:Statement-I:Economics is the study of how societies use resources to produce valuable commodities and distribute them among different people.Statement-II:Economics studies how individuals, firms, governments, and organizations make choices that determine a society's resource utilization.Which one of the following is correct in respect of the above statements?a) Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib) Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic) Statement-I is correct, but Statement-II is incorrectd) Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'A'. Can you explain this answer?.

Solutions for Consider the following statements:Statement-I:Economics is the study of how societies use resources to produce valuable commodities and distribute them among different people.Statement-II:Economics studies how individuals, firms, governments, and organizations make choices that determine a society's resource utilization.Which one of the following is correct in respect of the above statements?a) Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib) Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic) Statement-I is correct, but Statement-II is incorrectd) Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for BPSC (Bihar). Download more important topics, notes, lectures and mock test series for BPSC (Bihar) Exam by signing up for free.

Here you can find the meaning of Consider the following statements:Statement-I:Economics is the study of how societies use resources to produce valuable commodities and distribute them among different people.Statement-II:Economics studies how individuals, firms, governments, and organizations make choices that determine a society's resource utilization.Which one of the following is correct in respect of the above statements?a) Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib) Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic) Statement-I is correct, but Statement-II is incorrectd) Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Consider the following statements:Statement-I:Economics is the study of how societies use resources to produce valuable commodities and distribute them among different people.Statement-II:Economics studies how individuals, firms, governments, and organizations make choices that determine a society's resource utilization.Which one of the following is correct in respect of the above statements?a) Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib) Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic) Statement-I is correct, but Statement-II is incorrectd) Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'A'. Can you explain this answer?, a detailed solution for Consider the following statements:Statement-I:Economics is the study of how societies use resources to produce valuable commodities and distribute them among different people.Statement-II:Economics studies how individuals, firms, governments, and organizations make choices that determine a society's resource utilization.Which one of the following is correct in respect of the above statements?a) Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib) Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic) Statement-I is correct, but Statement-II is incorrectd) Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'A'. Can you explain this answer? has been provided alongside types of Consider the following statements:Statement-I:Economics is the study of how societies use resources to produce valuable commodities and distribute them among different people.Statement-II:Economics studies how individuals, firms, governments, and organizations make choices that determine a society's resource utilization.Which one of the following is correct in respect of the above statements?a) Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib) Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic) Statement-I is correct, but Statement-II is incorrectd) Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Consider the following statements:Statement-I:Economics is the study of how societies use resources to produce valuable commodities and distribute them among different people.Statement-II:Economics studies how individuals, firms, governments, and organizations make choices that determine a society's resource utilization.Which one of the following is correct in respect of the above statements?a) Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib) Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic) Statement-I is correct, but Statement-II is incorrectd) Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'A'. Can you explain this answer? tests, examples and also practice BPSC (Bihar) tests.