Correct Answer: B
Explanation
Explanation
Labour cannot be converted into commodity.
Correct Answered :
Wrong Answered :
A
Land
B
Labour
C
Capital
D
All of these can be converted into Commodity.
Labour cannot be converted into commodity.
Correct Answered :
Wrong Answered :
A
Consumption
B
Production
C
Saving
D
Inflation
When government subsidies are implemented to the supplier, an industry is able to allow its producers to produce more goods and services. This increases the overall supply of that good or service,
Correct Answered :
Wrong Answered :
A
Consumption
B
Production
C
Saving
D
Inflation
Some taxes are charged to discourage a behavior or purchase of certain goods.
Correct Answered :
Wrong Answered :
A
Supply is increased
B
Demand is increased
C
Some one else is Improved
D
Someone else is made worseoff
An economy is in a Pareto Optimal state when no further changes in the economy can make one person better off without at the same time making another worse off.
Correct Answered :
Wrong Answered :
A
Microeconomics
B
Macroeconomics
C
Econometerics
D
Bayesian Economics
Microeconomics is the study of individuals, households and firms behavior in decision making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues.
Correct Answered :
Wrong Answered :
A
Microeconomics
B
Macroeconomics
C
Econometerics
D
Keynesian Economics
Econometrics is the application of statistical methods to economic data and is described as the branch of economics that aims to give empirical content to economic principles.
Correct Answered :
Wrong Answered :
A
Microeconomics
B
Macroeconomics
C
Econometerics
D
Keynesian Economics
Macroeconomics is the branch of economics that deals with the structure, performance, behavior, and decision-making of the whole, or aggregate, economy.
Correct Answered :
Wrong Answered :
A
Quality of Goods
B
Quantity of Goods
C
Level of Income
D
Price of Goods
The role of the market is defined by two laws: the law of supply and the law of demand. ... The market includes consumers and producers, who together determine the price of a product. Prices affect what is produced, and who can afford what is produced.
Correct Answered :
Wrong Answered :
A
Opportunity cost
B
Purchasing Power Parity
C
Disposable Income
D
Consumer Price Index
Opportunity cost is the value of the best alternative forgone in making any choice.
Correct Answered :
Wrong Answered :
A
GDP
B
GNP
C
GINI
D
HDI
The Gini index, or Gini coefficient, is a measure of the distribution of income across a population developed by the Italian statistician Corrado Gini in 1912. It is often used as a gauge of economic inequality, measuring income distribution or, less commonly, wealth distribution among a population.
Correct Answered :
Wrong Answered :