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Test: Statistics for Economics- Assertions & Reason Type Questions - Commerce MCQ


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10 Questions MCQ Test - Test: Statistics for Economics- Assertions & Reason Type Questions

Test: Statistics for Economics- Assertions & Reason Type Questions for Commerce 2024 is part of Commerce preparation. The Test: Statistics for Economics- Assertions & Reason Type Questions questions and answers have been prepared according to the Commerce exam syllabus.The Test: Statistics for Economics- Assertions & Reason Type Questions MCQs are made for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Statistics for Economics- Assertions & Reason Type Questions below.
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Test: Statistics for Economics- Assertions & Reason Type Questions - Question 1
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Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:

Assertion (A): The government is planning to introduce a bill for the control of population in

India. This type of decision is covered in Positive Economics.

Reason (R): Positive Economics concerns the description and explanation of economic phenomenon.

Detailed Solution for Test: Statistics for Economics- Assertions & Reason Type Questions - Question 1
The term positive economics refers to the objective analysis in the study of economics. Most economists look at what has happened and what is currently happening in a given economy to form their basis of predictions for the future. This investigative process is positive economics. Conversely, a normative economic study bases future predictions on value judgments.
Test: Statistics for Economics- Assertions & Reason Type Questions - Question 2
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Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:

Assertion (A): The determination of price in a Perfect competition market is a study of microeconomics.

Reason (R): Determination of a price only affects the individual market and not the economy as a whole.

Detailed Solution for Test: Statistics for Economics- Assertions & Reason Type Questions - Question 2
In economic theory, perfect competition occurs when all companies sell identical products, market share does not influence price, companies are able to enter or exit without barrier, buyers have “perfect” or full information, and companies cannot determine prices. In other words, it is a market that is entirely influenced by market forces. It is the opposite of imperfect competition, which is a more accurate reflection of a current market structure.
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Test: Statistics for Economics- Assertions & Reason Type Questions - Question 3
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Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:

Assertion (A): Madan bought two kg of mangoes as it was cheaper. This is an example of Normative Economics.

Reason (R): Normative economics examines real economic events from moral and ethical angles and judges whether certain economic events are desirable or not.

Detailed Solution for Test: Statistics for Economics- Assertions & Reason Type Questions - Question 3
Normative economics is a perspective on economics that reflects normative, or ideologically prescriptive judgments toward economic development, investment projects, statements, and scenarios.
Test: Statistics for Economics- Assertions & Reason Type Questions - Question 4
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Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:

Assertion (A): The problem of what to produce is related to the scarcity of resources.

Reason (R): Human wants are unlimited, but the resources are scarce.

 
Detailed Solution for Test: Statistics for Economics- Assertions & Reason Type Questions - Question 4

The correct answer is:

d) Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A).

Explanation:

  • Assertion (A): The problem of "what to produce" is indeed related to the scarcity of resources because economies must make choices about which goods and services to produce with the limited resources available.

  • Reason (R): Human wants are unlimited, but resources are scarce, which correctly explains the problem described in the assertion. Due to scarcity, economies cannot produce everything people want, and they must prioritize and allocate resources efficiently.

Thus, Reason (R) accurately explains Assertion (A).

Test: Statistics for Economics- Assertions & Reason Type Questions - Question 5
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Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:

Assertion (A): The basic problem of for whom to produce can be solved with the help of the needs and desire of the humans.

Reason (R): There are three basic problems in an economy, namely, what to produce, how to produce and for whom to produce.
Detailed Solution for Test: Statistics for Economics- Assertions & Reason Type Questions - Question 5
The three basic economic problems are regarding the allocation of the resources. These are what to produce, how to produce, and for whom to produce.
Test: Statistics for Economics- Assertions & Reason Type Questions - Question 6
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Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:

Assertion (A): The basic problem arises due to the unlimited nature of human want.

Reason (R): Human want is the desire, aspiration and motives of humans.
Detailed Solution for Test: Statistics for Economics- Assertions & Reason Type Questions - Question 6
All economic problems arises due to unlimited human wants and limited resources. Moreover, these resources have alternative uses and wants keep on increasing each day. This economic problem is also known as the problem of choice or the problem of allocating resources to alternative uses. All the desires and aspirations and motives of humans are known as human wants in economics. And the wants that can be satisfied with goods and services of any kind are economic wants.
Test: Statistics for Economics- Assertions & Reason Type Questions - Question 7
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Directions : Read the following statements - Assertion (A) and Reason (R). Choose one of the correct alternatives given below :

Assertion (A) : Every year the government fixes a target for disinvestment of Public Sector Enterprises (PSEs).

Reason (R) : Disinvestment is an excellent tool for discarding the loss incurred by Public Sector Enterprises (PSEs).
Detailed Solution for Test: Statistics for Economics- Assertions & Reason Type Questions - Question 7
Disinvestment targets are set under each Union Budget, and every year the targets change. The government takes the final decision on whether to raise the divestment target or not. Disinvestment means sale or liquidation of assets by the government, usually Central and state public sector enterprises, projects, or other fixed assets.
Test: Statistics for Economics- Assertions & Reason Type Questions - Question 8
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Directions : Read the following statements - Assertion (A) and Reason (R). Choose one of the correct alternatives given below :

Assertion (A) : The major policy initiatives i.e. land reforms and green revolution helped India to

become self-sufficient in food grains production.

Reason (R) : The proportion of people depending on agriculture did not decline as expected
Detailed Solution for Test: Statistics for Economics- Assertions & Reason Type Questions - Question 8
The green revolution has made India self-sufficient in food grains. India has adopted a new strategy in the field of agriculture. In this, insecticides and pesticides were used which resulted in great production of wheat and rice. Due to the green revolution, the highest rate of growth was achieved in Punjab and Haryana in 1964-65.
Test: Statistics for Economics- Assertions & Reason Type Questions - Question 9
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Directions : Read the following statements - Assertion (A) and Reason (R). Choose one of the correct alternatives given below :

Assertion (A) : India became an exporter of primary products and an importer of finished consumer

and capital goods produced in Britain.

Reason (R) : Restrictive policies of commodity production, trade and tariff pursued by the colonial government adversely affected the structure, composition and volume of India’s foreign trade.
Detailed Solution for Test: Statistics for Economics- Assertions & Reason Type Questions - Question 9
India became an exporter of primary products such as raw silk, cotton, wool, sugar, indigo, jute, etc. and an Importer of finished consumer goods like cotton, silk and woollen clothes and capital goods like light machinery produced in the factories of Britain.

The restrictive policies had an overall negative impact and a condition of monopoly.

  • India has always been a major trade nation. However, British government's restrictive policies on commodities production, trade, and tariffs had a negative impact on India's international commerce.

Test: Statistics for Economics- Assertions & Reason Type Questions - Question 10
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Study of population in India is an example of :
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