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Introduction to Microeconomics Test 23

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Introduction to Microeconomics Test 23
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Weekly Quiz Competition
  • Question 1
    1 / -0
    The planning authority is expected to choose a production technique that ensures that the available resources are _____________.
    Solution
    The central problems of the economy is solved by a centrally based planning authority that resolves all the centrally based problems related to production of goods and services in the economy which includes the problem of 'How to produce? Using labour or capital intensive techniques?' which is decided by allocating resources for the production keeping in mind the most efficient technique that will maximize the output of the economy. 
  • Question 2
    1 / -0
    The economic problems in a mixed economy are solved with the use of ____________.
    Solution
    In a mixed economy both private as well as public enterprises utilize the resources for the production of goods and services in  the economy for personal as well as social gains. Therefore, the private sector generates price mechanism in the economy to solve to the centrally based economic problems whereas the public sector depends upon an efficient economic plan to be executed to eradicate these problems. 
  • Question 3
    1 / -0
    The role played by price mechanism in a free-enterprise economy is taken up by the ___________ in a socialist economy.
    Solution

    In a socialist economy, the price mechanism i.e. price affects the demand and supply of the commodities is directed by a centrally based planning authority that controls the price mechanism to certain limits and regulates it to protect civilians from fraudulent practices.

  • Question 4
    1 / -0
    The government in a mixed economy seeks to control price mechanism through which of the following policies?
    Solution

    In a mixed economy, price mechanism are intervened by the government through many policies which includes industrial policy i.e. industrial acts, wage rate system etc, fiscal policy i.e. taxation policy on goods and services, and monetary policy i.e. central bank's qualitative and quantitative policy.

  • Question 5
    1 / -0
    Administered price mechanism is also called __________.
    Solution
    In a socialist economy, the price mechanism i.e. price affects the demand and supply of the commodities is directed by a centrally based planning authority that controls the price mechanism to certain limits and regulates it to protect civilians from fraudulent practices. 
  • Question 6
    1 / -0
    Consider the following statements and select the correct one/ones using the code given below:
    1. Most economic transactions are in some sense 'positive - sum games'.
    2. But in popular discussion of economic issues, there are often examples of 'mistaken zero-sum mentality'.
    3. At times, profit comes at the expense of wages-higher productivity means fewer jobs, and 'imports mean fewer jobs here' - are the situations of 'mistaken zero - sum mentality'.
  • Question 7
    1 / -0
    Provisional Input tax credit can be utilized against ______________.
  • Question 8
    1 / -0
    In the private sector of a mixed economy, ____________ plays an important role in solving the basic economic problems.
    Solution
    In a private sector of a mixed economy, price mechanism takes a very prominent role as in such sectors price directs the flow of goods and services in the market as it directs the supply by the production sector i.e supply will increase if price increases and vice-versa and purchase by the demand sector i.e demand will increase if price decreases and vice-versa. 
  • Question 9
    1 / -0
    The 'gilt-edged' market deals in: 
  • Question 10
    1 / -0
    "Interest is a reward for parting with liquidity' is according to
    Solution
    According to Keynes, Interest was a payment against the loan which we lend to other people due to which our liquidity is reduces as the loan is given for a specific time period under a fixed rate of percentage. Therefore, interest was described as a reward for parting with liquidity. 
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