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1. Question1 points
Scarcity is correctly described by which of the following statements?
1. Scarcity exists if there are more uses for resources than can be satisfied at one time.
2. Scarcity exists if decisions must be made about alternative uses for resources.
3. Scarcity would not exist in a society in which people wanted to help others instead of themselves.Correct
Scarcity is associated with the limited resources and unlimited wants. As we know resources are not only scarce but also alternative uses. The attitude of helping others is not associated with the scarcity.Incorrect
2. Question1 points
Which of the following situations would necessarily lead to an increase in the price of peaches?Correct
As we know the price of the commodity will increase when its cost of production increases or its demand enhanced or both. Here the wage of the labourers (part of cost of production) increased and demand also increased as its consumption is effective to reduce the chances of cancer. The option B and C – fall in the prices as cost of production will fall with low wage rate and good technology.Incorrect
3. Question1 points
The subject Economics is the study of:Correct
Economics deals with the optimum utilization of the available resources. How to manage the scarce resources? And not with unlimited resources.Incorrect
4. Question1 points
Which of the following statements is true about a market economy?Correct
Market economy is based on price mechanism. Price of the product is decided by market forces, that is, demand and supply.Incorrect
5. Question1 points
The study of the behaviour of firms, individual markets, and households is called:Correct
Microeconomics studies the economic actions and behaviour of individual units and small groups of individual units.Incorrect
6. Question1 points
The study of the behaviour of the overall economy is called:Correct
Macroeconomics is a study of aggregates.Incorrect
7. Question1 points
Which of the following is a microeconomics statement?Correct
The options A, B, and D are macroeconomic variables. Option C is microeconomic statement as it considers the price movement of rice only and not the general price level.Incorrect
8. Question1 points
To whom do you attribute the ‘Growth’ definition of Economics?Correct
Samuelson’s definition analyses the costs and the benefits of improving patterns of resource allocation.Incorrect
9. Question1 points
Economic Growth in country X will necessary have to occur if:Correct
As we know the crucial determinant of economic growth of a country is capital formation. It will generate job opportunities and enhances purchasing power among the people. Population growth will not directly contribute into the growth of the country. Option B and D are positive factors but occurred at world level and not associated with the particular nation, say X. So option A is right.Incorrect
10. Question1 points
Which international institution is entrusted to publish Human Development Report (HDR)?Correct
UNDP – United Nations Development Programme, head quartered at New York.Incorrect