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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-I
  • b)
    Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-I
  • c)
    Statement-I is correct, but Statement-II is incorrect
  • d)
    Statement-I is incorrect, but Statement-II is correct
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements:Statement-I:Economics is the study ...

Both Statement-I and Statement-II are accurate in describing the field of economics. Statement-I emphasizes the essence of economics in terms of resource utilization and distribution among individuals, while Statement-II elaborates on the decision-making processes involving various entities that influence how resources are utilized within a society. Statement-II further elucidates how the choices made by individuals, firms, governments, and organizations impact the overall resource allocation and utilization within a community. Thus, both statements are correct, and Statement-II logically explains Statement-I in the context of economic studies.
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Community Answer
Consider the following statements:Statement-I:Economics is the study ...
Explanation:

Statement Analysis:
- 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.

Correct Answer Justification:
- Both Statement-I and Statement-II are correct as they both provide accurate definitions of economics.
- Statement-II explains Statement-I as it further elaborates on the idea of resource allocation and decision-making within economics.
- Therefore, option 'A' is the correct answer as it states that both statements are correct, and Statement-II explains Statement-I.
In conclusion, economics is indeed the study of resource allocation, production, distribution, and decision-making within societies, making both statements accurate and interconnected.
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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?
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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?.
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