Tag: economics

Questions Related to economics

Status Symbol Commodity is associated with the name of ___________.

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

  1. Giffen

  2. Marshall

  3. Malthus

  4. Thorstein veblen

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Correct Option: D
Explanation:

Status Symbol Commodity is associated with the name of Thorstein Veblen. These are the luxury goods as the demand of such goods increases with increase in its price. This is a contradiction of the law of demand. Since Veblen identified the concept, hence they are also called Veblen goods.

All of the goods which are scarce and limited in supply are called _______.

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

  1. luxury goods

  2. expensive goods

  3. capital goods

  4. economic goods

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Correct Option: D
Explanation:

Scarce goods which are limited in supply are known as economic goods as economics deals with the optimum utilization of scarce resources to its alternative uses.

Goods or services that are necessary for living are called ________.

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

  1. needs

  2. desires

  3. wants

  4. demands

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Correct Option: A
Explanation:

The goods and services that are necessary for a living are called needs. Needs are the essential things that you need for survival, to live properly. Thus, it is important to satisfy these needs as if we don’t satisfy needs, we will not be able to live long. For example, when we are hungry, a need arises for food.

Goods or services those are not necessary for living are ________.

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

  1. needs

  2. desires

  3. wants

  4. essentials

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Correct Option: C
Explanation:

Goods or services those are not necessary for living are called wants. Goods and services that are necessary for living are called needs. Needs are the things which are necessary for survival however wants are additions to needs. For example: if one is hungry, he needs food. This is need. However if he wants to eat Dosa because he is hungry, this is called want.

Goods in the process of being produced  but not yet completed as finished goods are called ______________.

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

  1. work-in-progress inventory

  2. goods in floor inventory

  3. raw material consumed inventory

  4. in process inventory

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Correct Option: A

EXIM was set up in ___________.

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

  1. $1976$

  2. $1982$

  3. $1968$

  4. $1989$

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Correct Option: B
Explanation:

Export-Import Bank of India (EXIM Bank) is a specialized financial institution, owned by Government of India, set up in 1982, for financing, facilitating and promoting foreign trade of India.

Which of these Industries falls in the category of Basic goods industry?

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

  1. Mineral

  2. Coal

  3. Petroleum

  4. Machine

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Correct Option: A
Explanation:

Basic goods industry produces goods which are used by other industries as raw materials. For example: minerals, as minerals are used as raw material for other industries.

In economics goods includes material things which _______.

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

  1. can be transferred

  2. can be exchanged for one another

  3. both

  4. none

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Correct Option: C
Explanation:

Economic goods refer to those goods which can be transferred from one place to another and can be exchanged for one another. For example, cloth is an economic good which can be transferred from one place to another; it can also be exchanged for another different good. ( Say pen)

 Wants that are related to consumption of goods and services is:

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

  1. Economic wants

  2. Non economic wants

  3. Economics

  4. All of the above

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Correct Option: A
Explanation:

Economic wants refer to the wants that are related to the satisfaction of own need by the way of consumption or profit earning. We fulfill these kind of wants through exchange mechanism, i.e., exchange of goods for profit.

Wants can be satisfied by the consumption of __________ are economic wants.

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

  1. goods

  2. services

  3. goods and services

  4. none of above

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Correct Option: C
Explanation:

Economic wants refer to the wants that result in monetary gain for the people who are demanding it. Therefore, to have some monetary gain there is need for consumption of some materialistic thing carrying some value for which money can be exchanged for.