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Introduction to Economics Test - 3

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Introduction to Economics Test - 3
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Weekly Quiz Competition
  • Question 1
    1 / -0

    Can there be an economy without economic problems

    Solution

    The economic problem – sometimes called the basic or central economic problem – asserts that an economy's finite resources are insufficient to satisfy all human wants and needs. It assumes that human wants are unlimited, but the means to satisfy human wants are scarce.

     

  • Question 2
    1 / -0

    What does a point below a PPC show

    Solution

    A PPF graph shows the maximum production level for one commodity for any production level of the other commodity. A point below the curve signifies inefficiency.

     

  • Question 3
    1 / -0

    Calculate Purchase on Investment. The information is Opening balance of Investment – Rs. 2,50,000, closing balance Investment – Rs. 5,00,000, Sale – Rs.1,37,500, Profit on sale – Rs.12,500.

    Solution

    Purchses= (Closing stock+Sales)-(Opening stock + Profit). Purchase of investment during the year Rs.3,75,000 i.e. (5,00,000 + 1,37,500) – (2,50,000 + 12,500) = 3,75,000

     

  • Question 4
    1 / -0

    The normative economic analysis deals with the variables

    Solution

    Normative economic analysis refers to the analysis in which we study whether a particular mechanism is desirable or not. In this analysis, we study what ought to be the desired situation or in what ways the economic problems should be solved. In other words, it is concerned with what should be and what should not be, and what is desirable and what is not? 

     

  • Question 5
    1 / -0

    The central problems of an economy are due to

    Solution

    Central economic problem asserts that an economy's finite resources are insufficient to satisfy all human wants and needs. It assumes that human wants are unlimited, but the means to satisfy human wants are scarce.

     

  • Question 6
    1 / -0

    The basic factors of production are land, labour, capital and______

    Solution

    Factors of production is an economic term that describes the inputs that are used in the production of goods or services in order to make an economic profit. This include land, labour, capital and entrepreneurship

     

  • Question 7
    1 / -0

    Larger production of ___________ goods would lead to higher production in the future.

    Solution

    A capital good is a durable good that is used in the production of goods or services. Capital goods are one of the three types of producer goods, the other two being land and labour which are also known collectively as primary factors of production.

     

  • Question 8
    1 / -0

    Loose tools and Stores and spares are the part of --------------

    Solution

    Spares and tools which is not part of any particular Fixed assets, you can value as Inventory as per AS-2 and charge off in P&L a/c based on consumption.

     

  • Question 9
    1 / -0

    Positive economics states

    Solution

    Positive economics is the branch of economics that concerns the description and explanation of economic phenomena.

     

  • Question 10
    1 / -0

    An individual in economics is

    Solution

    The decision Making Unit  is a collection or team of individuals who participate in a buyer decision process.

     

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