Tag: economics

Questions Related to economics

________ refers to a market where goods and services are brought and sold.

economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

  1. Goods market

  2. Factor market

  3. Normal market

  4. Shopping mall

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Correct Option: A
Explanation:

In economics goods market refers to a market where the buying and selling of goods can be done.

The term EXIM stands for __________.

economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

  1. Exports Imports

  2. External Imports

  3. Excessive Inputs

  4. Extensive Investment

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Correct Option: A
Explanation:
EX - exports
IM - imports
thus, EXIM stands for exports and imports

Which of these is/are the characteristic of human wants?

economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

  1. Limited

  2. Unlimited

  3. Irrational

  4. Rationality

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Correct Option: B
Explanation:

Human wants are unlimited since it is assumed more is always better and humans do not find himself in a situation of negative marginal returns. This is known as monotonic preference.

________ study the changes in the volume of goods.

economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

  1. Value Index Numbers

  2. Quantity Index Numbers

  3. Price Index Number

  4. None of above

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Correct Option: B
Explanation:

When any goods change in proportion between two different periods of time, then it is measured with the help of Quantity Index Numbers. In other words, we can say the study of measuring any proportionate change of goods in two different periods of time is called quantity index numbers.

Human Wants are?

economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

  1. Extravagant

  2. Scarce

  3. Unlimited

  4. Restricted

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Correct Option: C

"Means" refer to _______________.

economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

  1. Human Wants

  2. Resources

  3. Both (a) and (b)

  4. Neither (a) nor (b)

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Correct Option: B

Ends refer to _______________.

economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

  1. Human Wants

  2. Resources

  3. Both (a) and (b)

  4. Neither (a) nor (b)

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Correct Option: A

The Means for satisfying Wants are ________________.

economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

  1. Not available at all

  2. Scarce

  3. Unlimited

  4. Not usable

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Correct Option: B

An increase in the supply of a good is caused by.

economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

  1. Improvements in its technology

  2. Fall in the prices of other goods

  3. Fall in the prices of factors of production

  4. All of the above

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Correct Option: D

The quantity supplied of a good or service is the amount that.

economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

  1. In actually bought a given time period at a given price

  2. Producers wish they could sell at a higher price

  3. Producers plan to sell during a given time period at a given price

  4. People are willing to buy during a given time period at a given price

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Correct Option: C