The term "market" in Economics means - (1) A central place (2) Presence of competition (3) Place where goods are stored (4) Shops and super bazars

The term "market" in Economics means - (1) A central place (2) Presence of competition (3) Place where goods are stored (4) Shops and super bazars
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(1) A central place Explanation: The most important defining characteristic of a market in economics is that it allows buyers and sellers to exchange any type of goods, services and information. According to Walter Christaller's 'Central Place Theory,' a central place is a market center for the exchange of goods and services by people attracted from the surrounding area. The central place is so called because it is centrally located to maximize accessibility from the surrounding region.
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The term “market” in Economics means (1) A central place (2) Presence of competition (3) Place where goods are stored (4) Shops and super bazars

Description : The term “market” in Economics means (1) A central place (2) Presence of competition (3) Place where goods are stored (4) Shops and super bazars

Last Answer : A central place

P D S is associated with: (a) fair price shops (b) cooperative stores (c) super bazars (d) none of the above

Description : P D S is associated with: (a) fair price shops (b) cooperative stores (c) super bazars (d) none of the above

Last Answer : (a) fair price shops

Which term is used in economics for the market value of all goods and services in one year by labour and properly supplied by the residents of the country? (1) GDP (2) GPN (3) OMP (4) GNP

Description : Which term is used in economics for the market value of all goods and services in one year by labour and properly supplied by the residents of the country? (1) GDP (2) GPN (3) OMP (4) GNP

Last Answer : GNP

Which terns is used in economics for the market value of all goods and services in one year by labour and properly supplied by the residents of the country? (1) GDP (2) GPN (3) OMP (4) GNP

Description : Which terns is used in economics for the market value of all goods and services in one year by labour and properly supplied by the residents of the country? (1) GDP (2) GPN (3) OMP (4) GNP

Last Answer : (4) GNP Explanation: Gross National Product (GNP) is defined as "the market value of all goods and services produced in one year by labour and property supplied by the residents of a country. It is ... ), defined as "the value of all final goods and services produced in a country in I year."

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

Demand in Economics means : (1) Aggregate demand (2) Market demand (3) Individual demand (4) Demand backed by purchasing power

Description : Demand in Economics means : (1) Aggregate demand (2) Market demand (3) Individual demand (4) Demand backed by purchasing power

Last Answer : (4) Demand backed by purchasing power Explanation: Demand ' in Economics refers to the quantity of a good or service consumers ate able and willing to buy at a given price in a given market during a specified time period , other things beings equal.

Demand in Economics means : (1) Aggregate demand (2) Market demand (3) Individual demand (4) Demand backed by purchasing power

Description : Demand in Economics means : (1) Aggregate demand (2) Market demand (3) Individual demand (4) Demand backed by purchasing power

Last Answer : Demand backed by purchasing power

Value-added means value of - (1) output at factor cost (2) output at market prices (3) goods and services less depreciation (4) goods and services less cost of intermediate goods and services

Description : Value-added means value of - (1) output at factor cost (2) output at market prices (3) goods and services less depreciation (4) goods and services less cost of intermediate goods and services

Last Answer : (4) goods and services less cost of intermediate goods and services Explanation: Value added is an economic term to express the difference between the value of goods and the cost of materials or ... services by others. So it is of goods and services less cost of intermediate goods and services.

Value-added means value of (1) output at factor cost (2) output at market prices (3) goods and services less depreciation (4) goods and services less cost of intermediate goods and services

Description : Value-added means value of (1) output at factor cost (2) output at market prices (3) goods and services less depreciation (4) goods and services less cost of intermediate goods and services

Last Answer : goods and services less cost of intermediate goods and services

Which of the following elements is not included in the scope of market analysis? (A) Competition from other manufactures (B) Product distribution (C) Opportunities (D) Economics

Description : Which of the following elements is not included in the scope of market analysis? (A) Competition from other manufactures (B) Product distribution (C) Opportunities (D) Economics

Last Answer : (D) Economics

Market information means ? 1. Knowledge of shops and bazaars 2. Knowledge of shipping malls 3. Knowledge of customer profile and product mix 4. Knowledge of various languages 5. None of these

Description : Market information means ? 1. Knowledge of shops and bazaars 2. Knowledge of shipping malls 3. Knowledge of customer profile and product mix 4. Knowledge of various languages 5. None of these

Last Answer : Knowledge of customer profile and product mix

Market information means 1. Knowledge of shops and bazaars 2. Knowledge of shopping malls 3. knowledge of customer profile and product mix 4. knowledge of various languages 5. none of these

Description : Market information means 1. Knowledge of shops and bazaars 2. Knowledge of shopping malls 3. knowledge of customer profile and product mix 4. knowledge of various languages 5. none of these

Last Answer : knowledge of customer profile and product mix

One of the essential conditions of perfect competition is : (1) product differentiation (2) multiplicity of prices for identical products at any one time. (3) many sellers and a few buyers. (4) Only one price for identical goods at any one time.

Description : One of the essential conditions of perfect competition is : (1) product differentiation (2) multiplicity of prices for identical products at any one time. (3) many sellers and a few buyers. (4) Only one price for identical goods at any one time.

Last Answer : (4) Only one price for identical goods at any one time. Explanation: The fundamental condition of perfect competition is that there must be a large number of sellers or firms. ... perfect competition, the control over price is completely eliminated because all firms produce homogeneous commodities.

A situation of large number of firms producing similar goods is termed as : (1) Perfect competition (2) Monopolistic competition (3) Pure competition (4) Oligopoly

Description : A situation of large number of firms producing similar goods is termed as : (1) Perfect competition (2) Monopolistic competition (3) Pure competition (4) Oligopoly

Last Answer : (1) Perfect competition Explanation: The fundamental condition of perfect competition • is that there must be a large number of sellers or firms. Homogeneous Commodity is the second fundamental condition of a perfect market. The products of all firms in the industry are homogeneous and identical.

Different firms constituting the industry, produce homogeneous goods under (1) monopoly (2) monopolistic competition (3) oligopoly (4) perfect competition

Description : Different firms constituting the industry, produce homogeneous goods under (1) monopoly (2) monopolistic competition (3) oligopoly (4) perfect competition

Last Answer : (4) perfect competition Explanation: The fundamental condition of perfect competition is that there must be a large number of sellers or firms. Homogeneous Commodity is the second fundamental condition ... are homogeneous and identical. In other words, they are perfect substitutes for one another.

A situation of large number of firms producing similar goods is termed as : (1) Perfect competition (2) Monopolistic competition (3) Pure competition (4) Oligopoly

Description : A situation of large number of firms producing similar goods is termed as : (1) Perfect competition (2) Monopolistic competition (3) Pure competition (4) Oligopoly

Last Answer :  Perfect competition

Different firms constituting the industry, produce homogeneous goods under (1) monopoly (2) monopolistic competition (3) oligopoly (4) perfect competition

Description : Different firms constituting the industry, produce homogeneous goods under (1) monopoly (2) monopolistic competition (3) oligopoly (4) perfect competition

Last Answer : perfect competition

One of the essential conditions of perfect competition is : (1) product differentiation (2) multiplicity of prices for identical products at any one time. (3) many sellers and a few buyers. (4) Only one price for identical goods at any one time.

Description : One of the essential conditions of perfect competition is : (1) product differentiation (2) multiplicity of prices for identical products at any one time. (3) many sellers and a few buyers. (4) Only one price for identical goods at any one time. 

Last Answer : Only one price for identical goods at any one time.

Seawater, fresh air, etc., are regarded in Economics as - (1) Giffen goods (2) inferior goods (3) free goods (4) normal goods

Description : Seawater, fresh air, etc., are regarded in Economics as - (1) Giffen goods (2) inferior goods (3) free goods (4) normal goods

Last Answer : (3) free goods Explanation: Free goods are what is needed by the society and is available without limits, The free good is a term used in economics to describe a good that is not scarce. A free good is available in as great a quantity as desired with zero opportunity cost to society.

'Gresham's Law' in Economics relates to (1) supply and demand (2) circulation of currency (3) consumption of supply (4) distribution of goods and services

Description : 'Gresham's Law' in Economics relates to (1) supply and demand (2) circulation of currency (3) consumption of supply (4) distribution of goods and services

Last Answer : (2) circulation of currency Explanation: Gresham's law is an economic principle that states: "When a government compulsorily overvalues one type of money and undervalues another, the undervalued money will leave ... will flood into circulation." It is commonly stated as: "Bad money drives out good."

The problem of Economics arises from (1) Plenty (2) Scarcity of goods (3) More wants and less goods (4) All of the above

Description : The problem of Economics arises from (1) Plenty (2) Scarcity of goods (3) More wants and less goods (4) All of the above

Last Answer : (3) More wants and less goods Explanation: The theory of Economic problem states that there is scarcity, or that the finite resources available are insufficient to satisfy all human wants and needs. ... economic problem is the choice one must make, arising out of limited means and unlimited wants.

The problem of Economics arises from (1) Plenty (2) Scarcity of goods (3) More wants and less goods (4) All of the above

Description : The problem of Economics arises from (1) Plenty (2) Scarcity of goods (3) More wants and less goods (4) All of the above

Last Answer : More wants and less goods

Seawater, fresh air, etc., are regarded in Economics as (1) Giffen goods (2) inferior goods (3) free goods (4) normal goods

Description : Seawater, fresh air, etc., are regarded in Economics as (1) Giffen goods (2) inferior goods (3) free goods (4) normal goods

Last Answer : free goods

The term 'Dumping' refers to - (1) The sale of a substandard commodity (2) Sale in a foreign market of a commodity at a price below marginal cost (3) Sale in a foreign market of a commodity just at marginal cost with too much of profit (4) Smuggling of goods without paying any customs duty

Description : The term 'Dumping' refers to - (1) The sale of a substandard commodity (2) Sale in a foreign market of a commodity at a price below marginal cost (3) Sale in a foreign market of a commodity just at marginal cost with too much of profit (4) Smuggling of goods without paying any customs duty

Last Answer : (2) Sale in a foreign market of a commodity at a price below marginal cost Explanation: Dumping is an international price discrimination in which an exporter firm sells a portion of its out-put in ... , incurring loss in the foreign market (International Economics by M. Maria. John Kennedy, p.122).

The term ‘Dumping’ refers to (1) The sale of a sub-standard commodity (2) Sale in a foreign market of a commodity at a price below marginal cost (3) Sale in a foreign market of a commodity just at marginal cost with too much of profit (4) Smuggling of goods without paying any customs duty

Description : The term ‘Dumping’ refers to (1) The sale of a sub-standard commodity (2) Sale in a foreign market of a commodity at a price below marginal cost (3) Sale in a foreign market of a commodity just at marginal cost with too much of profit (4) Smuggling of goods without paying any customs duty

Last Answer : Sale in a foreign market of a commodity at a price below marginal cost

Same price prevails throughout the market under - (1) perfect competition (2) monopoly (3) monopolistic competition (4) oligopoly

Description : Same price prevails throughout the market under - (1) perfect competition (2) monopoly (3) monopolistic competition (4) oligopoly

Last Answer : (1) perfect competition Explanation: Under perfect competition, the control over price is completely eliminated because all firms produce homogeneous commodities. This condition ensures that the same price prevails in the market for the same commodity.

Inwhich market structure is the demand curve of the market represented by the demand curve of the firm? (1) Monopoly (2) Oligopoly (3) Duopoly (4) Perfect Competition

Description : Inwhich market structure is the demand curve of the market represented by the demand curve of the firm? (1) Monopoly (2) Oligopoly (3) Duopoly (4) Perfect Competition

Last Answer : (1) Monopoly Explanation: Because the monopolist is the market's only supplier, the demand curve the monopolist faces is the market demand curve. The market demand curve is downward sloping, ... expect to receive for its output will not remain constant as the monopolist increases its output.

Under which market condition do firms have excess capacity? (1) Perfect compettion (2) Monopolistic competition (3) Duopoly (4) Oligopoly

Description : Under which market condition do firms have excess capacity? (1) Perfect compettion (2) Monopolistic competition (3) Duopoly (4) Oligopoly

Last Answer : (2) Monopolistic competition Explanation: Unlike a perfectly competitive firm, a monopolistically competitive firm ends up choosing a level of output that is below its minimum efficient scale. When ... This excess capacity is the major social cost of a mo-nopolistically competitive market structure.

In which of the following market forms, a firm does not exercise control over price? (1) Monopoly (2) Perfect competition (3) Oligopoly (4) Monopolistic competition

Description : In which of the following market forms, a firm does not exercise control over price? (1) Monopoly (2) Perfect competition (3) Oligopoly (4) Monopolistic competition

Last Answer : (2) Perfect competition Explanation: In perfect competition, the existence of a large number of firms producing and selling the product ensures that an individual firm exercises no influence over the price ... a position to influence the price of the product by the increasing or reducing its output.

Buyers and Sellers will have perfect knowledge of market conditions under - (1) Duopoly (2) Perfect competition (3) Monopolistic competition (4) Oligopoly

Description : Buyers and Sellers will have perfect knowledge of market conditions under - (1) Duopoly (2) Perfect competition (3) Monopolistic competition (4) Oligopoly

Last Answer : (1) Duopoly Explanation: Complete market information is one of the main features of Perfect Competition. This condition implies close contact between buyers and sellers. Both of them possess complete knowledge ... being bought and sold, and the prices at which others are prepared to buy or sell.

A market in which there are a few number of large firms is called as (1) Duopoly (2) Competition (3) Oligopoly (4) Monopoly

Description : A market in which there are a few number of large firms is called as (1) Duopoly (2) Competition (3) Oligopoly (4) Monopoly

Last Answer : (3) Oligopoly Explanation: Duopoly means a market in which two producers of the same good are predominantly powerful. In some theries, the term is used specifically to denote the existence of only two suppliers of a good.

Price and output are determinates in market structure other than - (1) monopoly (2) perfect competition (3) oligopoly (4) monopsony

Description : Price and output are determinates in market structure other than - (1) monopoly (2) perfect competition (3) oligopoly (4) monopsony

Last Answer : (2) perfect competition Explanation: Perfect competition is a form of market in which there are a large number of buyers and sellers competing with each other in the purchase and sale of goods ... 's output is perfectly elastic. Product differentiation holds the key in this type of market structure.

Under which market conditions “products of the sellers are differentiated yet they are close substitutes of each other” ? (a) Monopolistic Competition (b) Monopoly (c) Perfect Competition (d) None of the above

Description : Under which market conditions “products of the sellers are differentiated yet they are close substitutes of each other” ? (a) Monopolistic Competition (b) Monopoly (c) Perfect Competition (d) None of the above

Last Answer : (b) Monopoly

If the total production in an economy is produced by “a few big firms” than this market is known as (a) Monopolistic Competition (b) Duopoly (c) Oligopoly (d) Discriminating Monopoly

Description : If the total production in an economy is produced by “a few big firms” than this market is known as (a) Monopolistic Competition (b) Duopoly (c) Oligopoly (d) Discriminating Monopoly

Last Answer : (b) Duopoly

If the total production in an economy for a product is produced by a few big firms, then this market is known as : (a) Monopolistic Competition (b) Oligopoly (c) Duopoly (d) Discriminating Monopoly

Description : If the total production in an economy for a product is produced by a few big firms, then this market is known as : (a) Monopolistic Competition (b) Oligopoly (c) Duopoly (d) Discriminating Monopoly

Last Answer : Oligopoly

In which of the following market forms, a firm does not exercise control over price? (1) Monopoly (2) Perfect competition (3) Oligopoly (4) Monopolistic competition

Description : In which of the following market forms, a firm does not exercise control over price? (1) Monopoly (2) Perfect competition (3) Oligopoly (4) Monopolistic competition 

Last Answer : Perfect competition

Buyers and Sellers will have perfect knowledge of market conditions under (1) Duopoly (2) Perfect competition (3) Monopolistic competition (4) Oligopoly

Description : Buyers and Sellers will have perfect knowledge of market conditions under (1) Duopoly (2) Perfect competition (3) Monopolistic competition (4) Oligopoly

Last Answer : Duopoly

Price and output are determinates in market structure other than (1) monopoly (2) perfect competition (3) oligopoly (4) monopsony

Description : Price and output are determinates in market structure other than (1) monopoly (2) perfect competition (3) oligopoly (4) monopsony

Last Answer : perfect competition

A market in which there are a few number of large firms is called as (1) Duopoly (2) Competition (3) Oligopoly (4) Monopoly

Description : A market in which there are a few number of large firms is called as (1) Duopoly (2) Competition (3) Oligopoly (4) Monopoly

Last Answer : Oligopoly

In which market structure is the demand curve of the market represented by the demand curve of the firm ? (1) Monopoly (2) Oligopoly (3) Duopoly (4) Perfect Competition

Description : In which market structure is the demand curve of the market represented by the demand curve of the firm ? (1) Monopoly (2) Oligopoly (3) Duopoly (4) Perfect Competition

Last Answer : Monopoly

Same price prevails throughout the market under (1) perfect competition (2) monopoly (3) monopolistic competition (4) oligopoly

Description : Same price prevails throughout the market under (1) perfect competition (2) monopoly (3) monopolistic competition (4) oligopoly

Last Answer : perfect competition

Under which market condition do firms have excess capacity? (1) Perfect competition (2) Monopolistic competition (3) Duopoly (4) Oligopoly

Description : Under which market condition do firms have excess capacity? (1) Perfect competition (2) Monopolistic competition (3) Duopoly (4) Oligopoly

Last Answer :  Monopolistic competition

Perfect competition means - (1) large number of buyers and less sellers (2) large number of buyers and sellers (3) large number of sellers and less buyers (4) None of these

Description : Perfect competition means - (1) large number of buyers and less sellers (2) large number of buyers and sellers (3) large number of sellers and less buyers (4) None of these

Last Answer : (2) large number of buyers and sellers Explanation: The fundamental condition of perfect competition is that there must be a large number of sellers or firms. Homogeneous Commodity is the second fundamental condition of a perfect market.

Perfect competition means (1) large number of buyers and less sellers (2) large number of buyers and sellers (3) large number of sellers and less buyers (4) None of these

Description : Perfect competition means (1) large number of buyers and less sellers (2) large number of buyers and sellers (3) large number of sellers and less buyers (4) None of these

Last Answer : large number of buyers and sellers

Macroeconomics is a study of economics that deals with which 4 major factors: a) households, firms, government, and demand-supply b) households, firms, government and external sector c) firms, government, free-market, and regulations d) none of the above

Description : Macroeconomics is a study of economics that deals with which 4 major factors: a) households, firms, government, and demand-supply b) households, firms, government and external sector c) firms, government, free-market, and regulations d) none of the above

Last Answer : b) households, firms, government and external sector

In Economics, production means - (1) manufacturing (2) making (3) creating utility (4) farming

Description : In Economics, production means - (1) manufacturing (2) making (3) creating utility (4) farming

Last Answer : (3) creating utility Explanation: All factors of production like land, labour, capital and entrepreneur are required in combination at a time to produce a commodity. Production means creation or an ... 'inputs' or 'resources') are any commodities or services used to produce goods and services.

In Economics, production means (1) manufacturing (2) making (3) creating utility (4) farming

Description : In Economics, production means (1) manufacturing (2) making (3) creating utility (4) farming

Last Answer : creating utility

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

Which of the following was not a method adopted during the Non Cooperation- Khilafat Movement? a. Surrender of titles awarded by the British b. Boycott of goods, courts and services c. Picketing of Liquor shops d. Breaking of the Salt Law

Description : Which of the following was not a method adopted during the Non Cooperation- Khilafat Movement? a. Surrender of titles awarded by the British b. Boycott of goods, courts and services c. Picketing of Liquor shops d. Breaking of the Salt Law

Last Answer : d. Breaking of the Salt Law

Tom is trying to close a major sale with a customer who is a trout fishing enthusiast. Tom starts reading fishing catalogues and going to sports goods shops to learn as much as he can about fly rods etc. His interest in such products would be best classified as _________ involvement. A)low B)high C)enduring D)situational E)perceived

Description : Tom is trying to close a major sale with a customer who is a trout fishing enthusiast. Tom starts reading fishing catalogues and going to sports goods shops to learn as much as he can about fly ... be best classified as _________ involvement. A)low B)high C)enduring D)situational E)perceived

Last Answer : D)situational