Consumer's sovereignty means: (1) consumers are free to spend their income as they like. (2) consumers have the power to manage the economy. (3) consumer's expenditures influence the allocation of resources. (4) consumer goods are free from government control,

Consumer's sovereignty means: (1) consumers are free to spend their income as they like. (2) consumers have the power to manage the economy. (3) consumer's expenditures influence the allocation of resources. (4) consumer goods are free from government control,
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(1) consumers are free to spend their income as they like. Explanation: Consumer sovereignty means that buyers ultimately determine which goods and services remain in production. In unrestricted markets, those with income or wealth are able to use their purchasing power to motivate producers. So ultimately it means how the consumers want to spend their incomes.
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Consumer’s sovereignty means: (1) consumers are free to spend their income as they like. (2) consumers have the power to manage the economy. (3) consumer’s expenditures influence the alloca tion of resources. (4) consumer goods are free from government control.

Description : Consumer’s sovereignty means: (1) consumers are free to spend their income as they like. (2) consumers have the power to manage the economy. (3) consumer’s expenditures influence the alloca tion of resources. (4) consumer goods are free from government control.

Last Answer :  consumers are free to spend their income as they like.

6. Assume that Potential Real GDP equals $10,000. National Income is therefore $10,000. Of this, consumers will pay $2,000 in taxes, save $1,000, and spend $7,000 on consumer goods. Business Investment spending is $2000. In order to avoid recessions and inflation (to have equilibrium), the government should have a: a. balanced budget b. budget deficit of $1000 c. budget surplus of $1000 d. budget deficit of $2000 C C A A C

Description : 6. Assume that Potential Real GDP equals $10,000. National Income is therefore $10,000. Of this, consumers will pay $2,000 in taxes, save $1,000, and spend $7,000 on consumer goods. Business Investment ... . budget deficit of $1000 c. budget surplus of $1000 d. budget deficit of $2000 C C A A C

Last Answer : c. budget surplus of $1000

The concept that under a system of free enterprise, it is consumers who decide what goods and services shall be produced and in what quantities is known as (1) Consumer Protection (2) Consumer’s Decision (3) Consumer Preference (4) Consumer’s Sovereignty

Description : The concept that under a system of free enterprise, it is consumers who decide what goods and services shall be produced and in what quantities is known as (1) Consumer Protection (2) Consumer’s Decision (3) Consumer Preference (4) Consumer’s Sovereignty

Last Answer : Consumer’s Sovereignty

One of the features of a free market economy is - (1) active state intervention (2) public ownership of factors of production (3) rationing and price control (4) consumer's sovereignty

Description : One of the features of a free market economy is - (1) active state intervention (2) public ownership of factors of production (3) rationing and price control (4) consumer's sovereignty

Last Answer : (4) consumer's sovereignty Explanation: Consumer Sovereignty is one of the features of a free market economy. It refers to the assertion consumer preferences determine the production of goods and ... market performance is in fact responsive to the specific wants of the consumers within the system.

One of the features of a free market economy is (1) active state intervention (2) public ownership of factors of production (3) rationing and price control (4) consumer’s sovereignty

Description : One of the features of a free market economy is (1) active state intervention (2) public ownership of factors of production (3) rationing and price control (4) consumer’s sovereignty

Last Answer : consumer’s sovereignty

In a free enterprise economy, resource allocation is determined by - (1) the pattern of consumers' spending (2) the wealth of the entrepreneurs (3) decision of the Government (4) the traditional employment of factors

Description : In a free enterprise economy, resource allocation is determined by - (1) the pattern of consumers' spending (2) the wealth of the entrepreneurs (3) decision of the Government (4) the traditional employment of factors

Last Answer : (1) the pattern of consumers' spending Explanation: In a free market economy, resources are allocated through the interaction of free and self-directed market forces. This means that what to ... is determined by producers, and who gets the products depends upon the purchasing power of consumers.

In a free enterprise economy, resource allocation is determined by (1) the pattern of consumers’ spending (2) the wealth of the entrepreneurs (3) decision of the Government (4) the traditional employment of factors

Description : In a free enterprise economy, resource allocation is determined by (1) the pattern of consumers’ spending (2) the wealth of the entrepreneurs (3) decision of the Government (4) the traditional employment of factors 

Last Answer :  the pattern of consumers’ spending

A comprehensive spending pattern: A)shows the percentages of annual family expenditures allotted to general classes of goods and services B)indicates the annual amounts spent by families for specific products within a general product class C)shows the annual discretionary income of consumers D)is used to determine the precise buying power of individuals

Description : A comprehensive spending pattern: A)shows the percentages of annual family expenditures allotted to general classes of goods and services B)indicates the annual amounts spent by families for ... discretionary income of consumers D)is used to determine the precise buying power of individuals

Last Answer : A)shows the percentages of annual family expenditures allotted to general classes of goods and services

State which of the following is correct? The Consumer Price Index reflects - (1) the standard of living (2) the extent of inflation in the prices of consumer goods (3) the increasing per capita income (4) the growth of the economy

Description : State which of the following is correct? The Consumer Price Index reflects - (1) the standard of living (2) the extent of inflation in the prices of consumer goods (3) the increasing per capita income (4) the growth of the economy

Last Answer : (2) the extent of inflation in the prices of consumer goods Explanation: A consumer price index (CPI) measures changes in the price level of consumer goods and services purchased by households ... , pensions, for regulating prices and for deflating monetary magnitudes to show changes in real values.

State which of the following is correct ? The Consumer Price Index reflects : (1) the standard of living (2) the extent of inflation in the prices of consumer goods (3) the increasing per capita income (4) the growth of the economy

Description : State which of the following is correct ? The Consumer Price Index reflects : (1) the standard of living (2) the extent of inflation in the prices of consumer goods (3) the increasing per capita income (4) the growth of the economy

Last Answer : the extent of inflation in the prices of consumer goods

In a Laissez-faire economy (1) the customers take all the decisions regarding production of all the commodities (2) the Government does not interfere in the free functioning of demand and supply forces in the market (3) the private-sector takes all the decisions for price-determination of various commodities produced (4) the Government controls the allocation of all the factors of production

Description : In a Laissez-faire economy (1) the customers take all the decisions regarding production of all the commodities (2) the Government does not interfere in the free functioning of demand and ... of various commodities produced (4) the Government controls the allocation of all the factors of production

Last Answer : the Government does not interfere in the free functioning of demand and supply forces in the market

What is Value Added Tax (VAT)? (1) A simple, transparent, easy to pay tax imposed on consumers (2) A new initiative taken by the Government to increase the tax-burden of high income groups (3) A single tax that replaces State taxes like, surcharge, turnover tax, etc. (4) A new tax to be imposed on the producers of capital goods

Description : What is Value Added Tax (VAT)? (1) A simple, transparent, easy to pay tax imposed on consumers (2) A new initiative taken by the Government to increase the tax-burden of high income groups (3) A ... like, surcharge, turnover tax, etc. (4) A new tax to be imposed on the producers of capital goods

Last Answer : (3) A single tax that replaces State taxes like, surcharge, turnover tax, etc. Explanation: A value added tax (VAT) is a form of consumption tax. A VAT is like a sales tax in that ... under the single tax system based primarily or exclusively on one tax, typically chosen for its special properties.

What is Value Added Tax (VAT) ? (1) A simple, transparent, easy to pay tax imposed on consumers (2) A new initiative taken by the Government to increase the tax-burden of high income groups (3) A single tax that replaces State taxes like, surcharge, turnover tax, etc. (4) A new tax to be imposed on the producers of capital goods

Description : What is Value Added Tax (VAT) ? (1) A simple, transparent, easy to pay tax imposed on consumers (2) A new initiative taken by the Government to increase the tax-burden of high income groups (3) A ... like, surcharge, turnover tax, etc. (4) A new tax to be imposed on the producers of capital goods 

Last Answer : A single tax that replaces State taxes like, surcharge, turnover tax, etc. 

In the law of demand, the statement "Other things remain constant" means - (1) income of consumer should not change (2) price of other goods should not change (3) taste of consumer should not change (4) All of the above

Description : In the law of demand, the statement "Other things remain constant" means - (1) income of consumer should not change (2) price of other goods should not change (3) taste of consumer should not change (4) All of the above

Last Answer : (4) All of the above Explanation: In economics, the law of demand is an economic law, which states that consumers buy more of a good when its price is lower and less when its price is higher ... of good demanded by the consumer will be negatively correlated to the change in the price of the good.

In the law of demand, the statement “Other things remain constant” means (1) income of consumer should not change (2) price of other goods should not change (3) taste of consumer should not change (4) All of the above

Description : In the law of demand, the statement “Other things remain constant” means (1) income of consumer should not change (2) price of other goods should not change (3) taste of consumer should not change (4) All of the above

Last Answer : All of the above

The function of a government to provide goods that cannot normally be provided by market mechanisms between individual customers and producers, is known as: a) Distribution function b) Allocation function c) Stabilization d) Protection

Description : The function of a government to provide goods that cannot normally be provided by market mechanisms between individual customers and producers, is known as: a) Distribution function b) Allocation function c) Stabilization d) Protection

Last Answer : b) Allocation function

What are Capital goods? a) Goods used for consumption in the production process b) Goods such as tools, machinery, etc which are used to create final consumer goods c) Goods and services that are consumed fully when purchased by the consumers d) None of the above

Description : What are Capital goods? a) Goods used for consumption in the production process b) Goods such as tools, machinery, etc which are used to create final consumer goods c) Goods and services that are consumed fully when purchased by the consumers d) None of the above

Last Answer : : b) Goods such as tools, machinery, etc which are used to create final consumer goods

The function of a government to fairly share the public's resources is known as a) Distribution function b) Allocation function c) Stabilization d) Protection

Description : The function of a government to fairly share the public's resources is known as a) Distribution function b) Allocation function c) Stabilization d) Protection

Last Answer : a) Distribution function

In your opinion, what is better for the economy: cheap consumer goods or having a lot of decent jobs available?

Description : In your opinion, what is better for the economy: cheap consumer goods or having a lot of decent jobs available?

Last Answer : answer:Without a job, even cheap consumer goods may be unobtainable. With a job, you may be able to buy consumer goods that don't break. That said, if you have a lot of desperate labor around, ... even more profit. So there's really no incentive to change it to benefit the little guy anytime soon.

A price consumption curve, traces the utility maximizing combination of two goods when (a) the price of one good changes (b) the consumer’s preference change © the consumer’s income changes (d) the demand curve for one of the goods shifts rightward

Description : A price consumption curve, traces the utility maximizing combination of two goods when (a) the price of one good changes (b) the consumer’s preference change © the consumer’s income changes (d) the demand curve for one of the goods shifts rightward

Last Answer : (a) the price of one good changes

1) Which among the following could be said to be an 'Open Economy'?a) A nation that follows the doctrine of Free-market and Laissez-faire economics b) A nation that trades with other nations in goods and services and financial assets c) An economy that operates without government intervention d) None of the above

Description : 1) Which among the following could be said to be an 'Open Economy'? a) A nation that follows the doctrine of Free-market and Laissez-faire economics b) A nation that trades with other ... services and financial assets c) An economy that operates without government intervention d) None of the above

Last Answer : : b) A nation that trades with other nations in goods and services and financial assets

The supply of goods means …………… (a) Quantity offered for sale at a given price and time ; (b) Quantity produced by the manufacturer ; (c) Quantity available with the supplier (d) Consumers disposal income

Description : The supply of goods means …………… (a) Quantity offered for sale at a given price and time ; (b) Quantity produced by the manufacturer ; (c) Quantity available with the supplier (d) Consumers disposal income

Last Answer : (a) Quantity offered for sale at a given price and time ;

The goal of a pure market economy is to best meet the desires of a. consumers b. companies c. workers d. the government

Description : The goal of a pure market economy is to best meet the desires of a. consumers b. companies c. workers d. the government

Last Answer : a. consumers

The supply of labour in the economy depends on - (1) Population (2) National income (3) Per capita income (4) Natural resources

Description : The supply of labour in the economy depends on - (1) Population (2) National income (3) Per capita income (4) Natural resources

Last Answer : (1) Population Explanation: The supply curve for labor depends on variables such as population, wage rates, etc. in developing countries, the vast population base explains the relatively lower wage ... accessibility to labour supply. This is just the opposite in the case of developed countries.

The supply of labour in the economy depends on (1) Population (2) National income (3) Per capita income (4) Natural resources

Description : The supply of labour in the economy depends on (1) Population (2) National income (3) Per capita income (4) Natural resources

Last Answer : Population

Plant arid machinery are - (1) Producers' goods (2) Consumers' goods (3) Distributors' goods (4) Free goods

Description : Plant arid machinery are - (1) Producers' goods (2) Consumers' goods (3) Distributors' goods (4) Free goods

Last Answer : (1) Producers' goods Explanation: Plant and machinery are Producers' goods. Together with stocks and work in progress, these goods are collectively termed 'Capital'.

Plant and machinery are (1) Producers’ goods (2) Consumers’ goods (3) Distributors’ goods (4) Free goods

Description : Plant and machinery are (1) Producers’ goods (2) Consumers’ goods (3) Distributors’ goods (4) Free goods

Last Answer : Producers’ goods

In a free market system how are incentives related to the principle of consumer sovereignty?

Description : In a free market system how are incentives related to the principle of consumer sovereignty?

Last Answer : Feel Free to Answer

What does the term free-market denote in terms of economy? a) Minimal government intervention in trade and minimum regulations b) Maximum government intervention in trade and maximum regulations c) Means of production owned by the state d) None of the above

Description : What does the term free-market denote in terms of economy? a) Minimal government intervention in trade and minimum regulations b) Maximum government intervention in trade and maximum regulations c) Means of production owned by the state d) None of the above

Last Answer : : a) Minimal government intervention in trade and minimum regulations

Core Industries are - (1) Basic industries (2) Consumer goods industries (3) Capital goods industries (4) Government industries

Description : Core Industries are - (1) Basic industries (2) Consumer goods industries (3) Capital goods industries (4) Government industries

Last Answer : (1) Basic industries Explanation: Core Industries are those necessary industries in an economy that are necessary for industrialization of a country. Such industries include Machine tools, chemicals, ... such as that of foreign exchange requirements should govern the definition of the core sector.

Core Industries are (1) Basic industries (2) Consumer goods industries (3) Capital goods industries (4) Government industries

Description : Core Industries are (1) Basic industries (2) Consumer goods industries (3) Capital goods industries (4) Government industries

Last Answer : Basic industries

Americans spend only about ____ percent of their personal consumption expenditures for food to be eaten at home. a. 10 c. 5 b. 8 d. 3

Description : Americans spend only about ____ percent of their personal consumption expenditures for food to be eaten at home. a. 10 c. 5 b. 8 d. 3

Last Answer : c. 5

Which ideas favored public works projects because they put money into the hands of consumers who would buy more goods and stimulate the economy?

Description : Which ideas favored public works projects because they put money into the hands of consumers who would buy more goods and stimulate the economy?

Last Answer : Social security was the favored public works projects that put money into the hands of consumers who would buy more goods and stimulate the economy.

The primary purpose of a broker is to1. take title to a producer's goods before selling them to retailers or consumers 2. sell directly to the final consumer 3. supply products in the food industry by developing permanent, trusting relationships with buyers 4. sell delivery to producers 5. bring buyers and sellers together

Description : The primary purpose of a broker is to 1. take title to a producer's goods before selling them to retailers or consumers 2. sell directly to the final consumer 3. supply products in ... , trusting relationships with buyers 4. sell delivery to producers 5. bring buyers and sellers together

Last Answer : bring buyers and sellers together

The primary purpose of a broker is to A)take title to a producer's goods before selling them to retailers or consumers. B)sell directly to the final consumer. C)supply products in the food industry by developing permanent, trusting relationships with buyers. D)sell directly to producers. E)bring buyers and sellers together.

Description : The primary purpose of a broker is to A)take title to a producer's goods before selling them to retailers or consumers. B)sell directly to the final consumer. C)supply products in ... permanent, trusting relationships with buyers. D)sell directly to producers. E)bring buyers and sellers together.

Last Answer : E)bring buyers and sellers together.

A 'Market Economy' is one which - (1) is controlled by the Government (2) is free from the Government control (3) in influenced by international market forces (4) All of these

Description : A 'Market Economy' is one which - (1) is controlled by the Government (2) is free from the Government control (3) in influenced by international market forces (4) All of these

Last Answer : (2) is free from the Government control Explanation: A market economy is an economic system in which economic decisions and the pricing of goods and services are guided solely by the ... little government intervention or central planning. The United States is the world's premier market economy

A ‘Market Economy’ is one which (1) is controlled by the Government (2) is free from the Government control (3) in influenced by international market forces (4) All of these

Description : A ‘Market Economy’ is one which (1) is controlled by the Government (2) is free from the Government control (3) in influenced by international market forces (4) All of these

Last Answer : is free from the Government control

The function of a government by which it seeks to seek a balance of employment, demand-supply, and inflation, is known as: a) Distribution function b) Allocation function c) Stabilization d) Protection

Description : The function of a government by which it seeks to seek a balance of employment, demand-supply, and inflation, is known as: a) Distribution function b) Allocation function c) Stabilization d) Protection

Last Answer : c) Stabilization

The difference between the price the consumer is prepared to pay for a commodity and the price which he actually pays is called (1) Consumer's Surplus (2) Producer's Surplus (3) Landlord's Surplus (4) Worker's Surplus

Description : The difference between the price the consumer is prepared to pay for a commodity and the price which he actually pays is called (1) Consumer's Surplus (2) Producer's Surplus (3) Landlord's Surplus (4) Worker's Surplus

Last Answer : (1) Consumer's Surplus Explanation: Consumer surplus is the difference between the maximum price a consumer is willing to pay and the actual price they do pay. If a consumer would be willing to pay ... price, then they are getting more benefit from the purchased product than they spent to buy it.

The difference between the price the consumer is prepared to pay for a commodity and the price which he actually pays is called (1) Consumer’s Surplus (2) Producer’s Surplus (3) Landlord’s Surplus (4) Worker’s Surplus

Description : The difference between the price the consumer is prepared to pay for a commodity and the price which he actually pays is called (1) Consumer’s Surplus (2) Producer’s Surplus (3) Landlord’s Surplus (4) Worker’s Surplus 

Last Answer : Consumer’s Surplus

Which of the following information not included in memory table? A) The allocation of main memory to process. B) The allocation of secondary memory to process C) Any information needed to manage virtual memory D) Any information about the existence of file

Description : Which of the following information not included in memory table? A) The allocation of main memory to process. B) The allocation of secondary memory to process C) Any information needed to manage virtual memory D) Any information about the existence of file

Last Answer : D) Any information about the existence of file

Which among the following has the least possibility of globalization? (1) selection of labour force (2) location of capital works (3) to manage resources for investment (4) increase in infrastructure

Description : Which among the following has the least possibility of globalization? (1) selection of labour force (2) location of capital works (3) to manage resources for investment (4) increase in infrastructure

Last Answer : (2) location of capital works Explanation: Globalization can affect the labor market by increasing capacity of developing countries to create new opportunities for work and production ... in proper shape. A welldeveloped infrastructure is an indispensable condition for faster globalization.

Which among the following has the least possibility of globalisation ? (1) selection of labour force (2) location of capital works (3) to manage resources for investment (4) increase in infrastructure

Description : Which among the following has the least possibility of globalisation ? (1) selection of labour force (2) location of capital works (3) to manage resources for investment (4) increase in infrastructure

Last Answer : location of capital works

Which of the following is not required while computing Gross National Product (GNP)? (1) Net foreign investment (2) Private investment (3) Per capita income of citizens (4) Purchase of goods by government

Description : Which of the following is not required while computing Gross National Product (GNP)? (1) Net foreign investment (2) Private investment (3) Per capita income of citizens (4) Purchase of goods by government

Last Answer : (3) Per capita income of citizens Explanation: Gross National Product (GNP) is the market value of all products and services produced in one year by labour and property supplied by the ... measures the value of goods and services that the country's citizens produced regardless of their location.

Which of the following is not required while computing Gross National Product (GNP) ? (1) Net foreign investment (2) Private investment (3) Per capita income of citizens (4) Purchase of goods by government

Description : Which of the following is not required while computing Gross National Product (GNP) ? (1) Net foreign investment (2) Private investment (3) Per capita income of citizens (4) Purchase of goods by government

Last Answer : Per capita income of citizens 

Multiplier process in economic theory is conventionally taken to mean: (1) the manner in which prices increase (2) the manner in which banks create credit (3) income of an economy grows on account of an initial investment (4) the manner in which government expenditure increases

Description : Multiplier process in economic theory is conventionally taken to mean: (1) the manner in which prices increase (2) the manner in which banks create credit (3) income of an economy grows on account of an initial investment (4) the manner in which government expenditure increases

Last Answer : (3) income of an economy grows on account of an initial investment Explanation: In economics, a multiplier is a factor of proportionality that measures how much an endogenous variable changes in response to a change in ... of the U.S. money supply, and MO as a measure of the U.S. monetary base.

Multiplier process in economic theory is conventionally taken to mean : (1) the manner in which prices increase (2) the manner in which banks create credit (3) income of an economy grows on account of an initial investment (4) the manner in which government expenditure increases

Description : Multiplier process in economic theory is conventionally taken to mean : (1) the manner in which prices increase (2) the manner in which banks create credit (3) income of an economy grows on account of an initial investment (4) the manner in which government expenditure increases

Last Answer : income of an economy grows on account of an initial investment 

Inflation refers to a fall in the value of money. Which of the following is the key measure of inflation in India? A. Consumer Price Index B. Wholesale Price Index C. Personal Consumption Expenditures Price Index D. GDP Deflator E. All of the above

Description : Inflation refers to a fall in the value of money. Which of the following is the key measure of inflation in India? A. Consumer Price Index B. Wholesale Price Index C. Personal Consumption Expenditures Price Index D. GDP Deflator E. All of the above

Last Answer : B. Wholesale Price Index Explanation: Inflation rates in India are usually quoted as changes in the Wholesale Price Index, for all commodities. Many developing countries use changes in the Consumer Price Index (CPI) as their central measure of inflation.

Consumer expenditures are affected by ________. A. Savings B. Debt C. Credit availability D. All of the above E. None of the above

Description : Consumer expenditures are affected by ________. A. Savings B. Debt C. Credit availability D. All of the above E. None of the above

Last Answer : D. All of the above

Consumer's surplus is the highest in the case of: (1) durable goods (2) luxuries (3) comforts (4) necessities

Description : Consumer's surplus is the highest in the case of: (1) durable goods (2) luxuries (3) comforts (4) necessities

Last Answer : (4) necessities Explanation: Consumer surplus is the difference between the price consumers would be prepared to pay and the actual market price.