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Introduction to Economics Test - 1

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Introduction to Economics Test - 1
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Weekly Quiz Competition
  • Question 1
    1 / -0

    In a market economy, the central problems are solved by

    Solution

    To solve the problems through market or price mechanism ie., what goods are to be produced and what quantities, which methods for production are to be employed for the production of goods and how the output is to be distributed, should be decided by the free play of the forces of demand and supply.

     

  • Question 2
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    The study of general price level is a macroeconomic study. This statement is

    Solution

    Macro economics is concerned with variables as the aggregate volume of output of an economy, with extent to which resources are employed, with the size of national income and with general price level.

     

  • Question 3
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    The problem of ‘ How to produce’ is making a choice between

    Solution

    Technology means the correct proportion in which the different factors of production are to be employed. There are two types of techniques. A labour-intensive technique would employ relatively more labour and less capital. On the other hand, capital- intensive technique means more capital and less labour.The context of how to produce is  ‘which techniques are to be adopted’?

     

  • Question 4
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    The positive economic analysis deals with the variables

    Solution

    Positive economics is the branch of economics that concerns the description and explanation of economic phenomena. It focuses on facts and cause-and-effect behavioral relationships and includes the development and testing of economics theories.

     

  • Question 5
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    A resource is a

    Solution

    A resource is a source or supply from which benefit is produced. An item becomes a resource with time and developing technology.Typically resources are materials, energy, services, staff, knowledge, or other assets that are transformed to produce benefit and in the process may be consumed or made unavailable.

     

  • Question 6
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    The study of jute industry is a macroeconomic study. This statement is

    Solution

    Micro economics deals with determination of prices and quantities in individual markerts and with the relationship among these markets.

     

  • Question 7
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    The subject of a Microeconomic study is

    Solution

    Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms

     

  • Question 8
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    Capital intensive technique would get chosen in

    Solution

    Capital surplus is a term used by economists to denote capital inflows in excess of capital outflows on a country's balance of payment's.

     

  • Question 9
    1 / -0

    Positive economic analyses

    Solution

    Positive economics is objective and fact based, statements do not have to be correct, but they must be able to be tested and proved or disproved.

     

  • Question 10
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    Normative economics states

    Solution

    Normative economics is a part of economics that expresses value or normative judgements about economic fairness or what the outcome of the economy or goals of public policy ought to be.

     

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