Goods which are meant either for consumption or for investment are called - (1) Final goods (2) Giffen goods (3) Inferior goods (4) Intermediate goods

Goods which are meant either for consumption or for investment are called - (1) Final goods (2) Giffen goods (3) Inferior goods (4) Intermediate goods
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(1) Final goods Explanation: All goods which are meant either (i) for consumption by consumers or (ii) for investment by firms are called final goods. They are finished goods, meant for final use. These are neither resold nor do they enter into further stages of production. Cars, television sets, cloth, food, machinery, equipments etc. are final goods.
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Goods which are meant either for consumption or for investment are called (1) Final goods (2) Giffen goods (3) Inferior goods (4) Intermediate goods

Description : Goods which are meant either for consumption or for investment are called (1) Final goods (2) Giffen goods (3) Inferior goods (4) Intermediate goods

Last Answer : Final 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 : (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.

“ All Giffen goods are inferior, but all inferior goods are not Giffen”. The statement is (a) sometimes true (b) true © false (d) none of the above

Description : “ All Giffen goods are inferior, but all inferior goods are not Giffen”. The statement is (a) sometimes true (b) true © false (d) none of the above

Last Answer : (b) true

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

Payment of water charges by the farmers to the government represents - (1) intermediate consumption (2) final consumption (3) fixed investment (4) inventory investment

Description : Payment of water charges by the farmers to the government represents - (1) intermediate consumption (2) final consumption (3) fixed investment (4) inventory investment

Last Answer : (1) intermediate consumption Explanation: Intermediate consumption is an accounting concept which measures the value of the goods and services consumed as inputs by a process of production. It excludes fixed assets whose ... .g. bulk sugar) or completely used up (e.g. electric power, water, etc).

Steel sheets used in the production of furnitures is an example of (1) an intermediate good (2) a final good (3) an investment good (4) a consumption good

Description : Steel sheets used in the production of furnitures is an example of (1) an intermediate good (2) a final good (3) an investment good (4) a consumption good

Last Answer : (1) an intermediate good Explanation: Intermediate goods are semifinished products are goods that are used as inputs in the production of oilier goods including final goods. It comprises material or ... , intermediate goods either become part of the final product, or are changed beyond recognition.

Steel sheets used in the production of furnitures is an example of (1) an intermediate good (2) a final good (3) an investment good (4) a consumption good

Description : Steel sheets used in the production of furnitures is an example of (1) an intermediate good (2) a final good (3) an investment good (4) a consumption good

Last Answer : an intermediate good

Payment of water charges by the farmers to the govern-ment represents (1) intermediate consumption (2) final consumption (3) fixed investment (4) inventory investment

Description : Payment of water charges by the farmers to the govern-ment represents (1) intermediate consumption (2) final consumption (3) fixed investment (4) inventory investment

Last Answer : intermediate consumption

If a good has negative income elasticity and positive price elasticity of demand, it is a (1) giffen good (2) normal good (3) superior good (4) an inferior good

Description : If a good has negative income elasticity and positive price elasticity of demand, it is a (1) giffen good (2) normal good (3) superior good (4) an inferior good

Last Answer : (1) giffen good Explanation: A negative income elasticity of demand is associated with inferior goods. The Giffen good is an unusual type of inferior good which has positive price elasticity of demand. It ... rises, violating the law of demand. When price goes up, the quantity demanded also goes up.

If a good has negative income elasticity and positive price elasticity of demand, it is a (1) giffen good (2) normal good (3) superior good (4) an inferior good

Description : If a good has negative income elasticity and positive price elasticity of demand, it is a (1) giffen good (2) normal good (3) superior good (4) an inferior good

Last Answer : giffen good

On an indifference map, if the income consumption curve slopes downwards to the right it shows that A.Both X and Y are superior goods B.Y is an inferior good C.X is an inferior good D.Both X and Y are inferior goods

Description : On an indifference map, if the income consumption curve slopes downwards to the right it shows that A.Both X and Y are superior goods B.Y is an inferior good C.X is an inferior good D.Both X and Y are inferior goods

Last Answer : B.Y is an inferior good

Imputed gross rent of owner-occupied buildings is a part of - (1) capital formation (2) final consumption (3) intermediate consumption (4) consumer durable

Description : Imputed gross rent of owner-occupied buildings is a part of - (1) capital formation (2) final consumption (3) intermediate consumption (4) consumer durable

Last Answer : (2) final consumption Explanation: The figure of final private consumption expenditure includes the imputed gross rent of owner-occupied dwellings, consumption of own-account production and payment by ... of production and hence an income and is also a part of final consumption expenditure.

Imputed gross rent of owneroccupied buildings is a part of (1) capital formation (2) final consumption (3) intermediate consumption (4) consumer durable

Description : Imputed gross rent of owneroccupied buildings is a part of (1) capital formation (2) final consumption (3) intermediate consumption (4) consumer durable

Last Answer : final consumption

Expenditure on advertisement and public relations by an enterprise is a part of its (1) consumption of fixed capital (2) final consumption expenditure (3) intermediate consumption (4) fixed capital

Description : Expenditure on advertisement and public relations by an enterprise is a part of its (1) consumption of fixed capital (2) final consumption expenditure (3) intermediate consumption (4) fixed capital

Last Answer :  intermediate consumption

The goods that are used as raw material for further production are known by which name: (a) Final goods (b) Material goods (c) Intermediate goods (d) Consumer goods

Description : The goods that are used as raw material for further production are known by which name: (a) Final goods (b) Material goods (c) Intermediate goods (d) Consumer goods

Last Answer : (c) Intermediate goods

Intermediate goods are not included to calculate the final output because: a) they do not have value b) they have unknown value c) their value is included in final goods so they are not added to avoid the problem of double counting d) none of the above

Description : Intermediate goods are not included to calculate the final output because: a) they do not have value b) they have unknown value c) their value is included in final goods so they are not added to avoid the problem of double counting d) none of the above

Last Answer : : c) their value is included in final goods so they are not added to avoid the problem of double counting

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

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

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

Last Answer : : c) Goods and services that are consumed fully when purchased by the consumers

Which of these are exception to law of Demand (a) Giffen effect/goods ; (b) Future change in prices ; (c) Change in fashion ; (d) All the three

Description : Which of these are exception to law of Demand (a) Giffen effect/goods ; (b) Future change in prices ; (c) Change in fashion ; (d) All the three

Last Answer :  (d) All the three

Distinguish between final goods and the intermediate goods -SST 10th

Description : Distinguish between final goods and the intermediate goods -SST 10th

Last Answer : Final goods (i) The goods which are used either for final consumption or for capital formation. (ii) The value of final I goods is included in the national income. (iii) Example, television, ... of intermediate goods is not included in the national income. (iii) Example, flour, cotton, etc.

GDP can be defined as sum of the market value of the……….. (a) Final manufactured goods and services ; (b) Intermediate goods (c) Goods and services exported ; (d) Sub-standard goods and discarded services

Description : GDP can be defined as sum of the market value of the……….. (a) Final manufactured goods and services ; (b) Intermediate goods (c) Goods and services exported ; (d) Sub-standard goods and discarded services 

Last Answer : (a) Final manufactured goods and services ;

Value of out put and value added can be distinguished if we know: (1) the value of intermediate consumption (2) the value of net indirect taxes (3) the value of the sales (4) the value of consumption of fixed capital

Description : Value of out put and value added can be distinguished if we know: (1) the value of intermediate consumption (2) the value of net indirect taxes (3) the value of the sales (4) the value of consumption of fixed capital

Last Answer : (1) the value of intermediate consumption Explanation: Intermediate consumption is an accounting flow which consists of the total monetary value of goods and services consumed or used up as inputs in ... how it is exactly defined and estimated will importantly affect the size of the GDP estimate.

Value of out put and value added can be distinguished if we know: (1) the value of intermediate consumption (2) the value of net indirect taxes (3) the value of the sales (4) the value of consumption of fixed capital

Description : Value of out put and value added can be distinguished if we know: (1) the value of intermediate consumption (2) the value of net indirect taxes (3) the value of the sales (4) the value of consumption of fixed capital

Last Answer : the value of intermediate consumption 

The demand curve for a Giffen good is (1) upward rising (2) downward falling (3) parallel to the quantity axis (4) parallel to the price axis

Description : The demand curve for a Giffen good is (1) upward rising (2) downward falling (3) parallel to the quantity axis (4) parallel to the price axis

Last Answer : (1) upward rising Explanation: A Giffen good is a good whose consumption in-creases as its price increases. (For a normal good, as the price increases, consumption decreases.) Thus, the ... a price changes the income effect outweighs the substitution effect and this leads to perverse demand curve.

The demand curve for a Giffen good is (1) upward rising (2) downward falling (3) parallel to the quantity axis (4) parallel to the price axis

Description : The demand curve for a Giffen good is (1) upward rising (2) downward falling (3) parallel to the quantity axis (4) parallel to the price axis 

Last Answer : upward rising

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 relations always holds true? (1) Income = Consumption + Investment (2) Income = Consumption + Saving (3) Saving = Investment (4) Income = Consumption + Saving + Investment

Description : Which of the following relations always holds true? (1) Income = Consumption + Investment (2) Income = Consumption + Saving (3) Saving = Investment (4) Income = Consumption + Saving + Investment

Last Answer : (2) Income = Consumption + Saving Explanation: Consumers do one of two things with their disposable income: They save it or they spend it. So Income = Consumption + Saving.

Consumptions function refers to - (1) relationship between income and employment (2) relationship between savings and investment (3) relationship between input and output (4) relationship between income and consumption

Description : Consumptions function refers to - (1) relationship between income and employment (2) relationship between savings and investment (3) relationship between input and output (4) relationship between income and consumption

Last Answer : (4) relationship between income and consumption Explanation: The Consumption function is a single mathematical function used to express consumer spending. It was developed by John Maynard Keynes and ... by current income and induced consumption that is influenced by the economy's income level.

The value of investment multiplier relates to - (1) change in income due to change in autonomous investment. (2) change in autonomous investment due to change in income. (3) change in income due to change in consumption. (4) change in the income due to change in induced investment.

Description : The value of investment multiplier relates to - (1) change in income due to change in autonomous investment. (2) change in autonomous investment due to change in income. (3) change in income due to change in consumption. (4) change in the income due to change in induced investment.

Last Answer : (2) change in autonomous investment due to change in income. Explanation: The term investment multiplier refers to the concept that any increase in public or private investment spending has a ... . The investment multiplier tries to determine the financial impact for a public or private project.

According to Keynes, business cycles are due to variation in the rate of investment caused by fluctuations, in the - (1) Marginal efficiency of capital (2) Marginal propensity to save (3) Marginal propensity to consumption (4) Marginal efficiency to investment

Description : According to Keynes, business cycles are due to variation in the rate of investment caused by fluctuations, in the - (1) Marginal efficiency of capital (2) Marginal propensity to save (3) Marginal propensity to consumption (4) Marginal efficiency to investment

Last Answer : (1) Marginal efficiency of capital Explanation: According to Keynes' General Theory of Employment, Interest, and Money,' business cycles are caused by variations in the rate of investment ... efficiency of capital. Marginal efficiency of capital means the expected profits from new investments.

Investment multiplier shows the effect of investment on - (1) Employment (2) Savings (3) Income (4) Consumption

Description : Investment multiplier shows the effect of investment on - (1) Employment (2) Savings (3) Income (4) Consumption

Last Answer : (3) Income Explanation: Investment multiplier is simply the multiplier effect of an injection of investment into an economy. The multiplier effect refers to the idea that an initial spending rise can lead to even greater increase in national income

Investment and savings are kept equal through a change in the level of - (1) Consumption (2) Investment (3) Government expenditure (4) Income

Description : Investment and savings are kept equal through a change in the level of - (1) Consumption (2) Investment (3) Government expenditure (4) Income

Last Answer : (1) Consumption Explanation: Desired savings are kept equal to desired investment by responses to interest rate changes. Savings identity or the savings investment identity is a concept in ... brings savings and investment into balance without any intention by business to increase investment.

An economy is in equilibrium when - (1) planned consumption exceeds planned saving (2) planned consumption exceeds planned investment (3) intended saving equals intended investment (4) intended investment exceeds intended savings

Description : An economy is in equilibrium when - (1) planned consumption exceeds planned saving (2) planned consumption exceeds planned investment (3) intended saving equals intended investment (4) intended investment exceeds intended savings

Last Answer : (3) intended saving equals intended investment Explanation: In economics, economic equilibrium is a state of the world where economic forces are balanced and in the absence of external influences ... and intended investment. An economy is in equilibrium when total savings equal total investment.

Consumption function expresses the relationship between consumption and - (1) savings (2) income (3) investment (4) price

Description : Consumption function expresses the relationship between consumption and - (1) savings (2) income (3) investment (4) price

Last Answer : (2) income Explanation: The consumption function is a mathematical formula laid out by famed economist John Maynard Keynes. The formula was designed to show the relationship between real disposable ... being what Keynes considered the most important determinant of short-term demand in an economy.

The "actual"• value of the variables like consumption, investment, output, etc, is known as: a) ex post measures b) ex ante measures c) ex pre measures d) none of the above

Description : The "actual"• value of the variables like consumption, investment, output, etc, is known as: a) ex post measures b) ex ante measures c) ex pre measures d) none of the above

Last Answer : b) ex ante measures 4) What is "mps"• or the 'marginal propensity t

The "planned"• value of the variables like consumption, investment, output, etc, is known as: a) ex post measures b) ex ante measures c) ex pre measuresd) none of the above

Description : The "planned"• value of the variables like consumption, investment, output, etc, is known as: a) ex post measures b) ex ante measures c) ex pre measures d) none of the above

Last Answer : a) ex post measures

What is the term in economics for the consumption of fixed capital? a) Investment b) Value added c) Production flow d) Depreciation

Description : What is the term in economics for the consumption of fixed capital? a) Investment b) Value added c) Production flow d) Depreciation

Last Answer : d) Depreciation

Which of the following does not cause a shift in aggregate demand ? (a) Consumption (b) Government expenditure (c) Investment (d) Prices

Description : Which of the following does not cause a shift in aggregate demand ? (a) Consumption (b) Government expenditure (c) Investment (d) Prices

Last Answer : (d) Prices

Investment Multiplier is a (a) ratio between income and investment. (b) ratio between investment and savings (c) ratio between consumption and investment (d) None of the abov

Description : Investment Multiplier is a (a) ratio between income and investment. (b) ratio between investment and savings (c) ratio between consumption and investment (d) None of the abov

Last Answer : (b) ratio between investment and savings

An economy is in equili-brium when (1) planned consumption exceeds planned saving (2) planned consumption exceeds planned investment (3) intended investment equals intended investment (4) intended investment exceeds intended savings

Description : An economy is in equili-brium when (1) planned consumption exceeds planned saving (2) planned consumption exceeds planned investment (3) intended investment equals intended investment (4) intended investment exceeds intended savings

Last Answer : intended investment equals intended investment

The value of investment multiplier relates to (1) change in income due to change in autonomous investment. (2) change in autonomous investment due to change in income. (3) change in income due to change in consumption. (4) change in the income due to change in induced investment.

Description : The value of investment multiplier relates to (1) change in income due to change in autonomous investment. (2) change in autonomous investment due to change in income. (3) change in income due to change in consumption. (4) change in the income due to change in induced investment.

Last Answer : change in autonomous investment due to change in income.

According to Keynes, business cycles are due to variation in the rate of investment caused by fluctuations , in the (1) Marginal efficiency of capital (2) Marginal propensity to save (3) Marginal propensity to consumption (4) Marginal efficiency to investment

Description : According to Keynes, business cycles are due to variation in the rate of investment caused by fluctuations , in the (1) Marginal efficiency of capital (2) Marginal propensity to save (3) Marginal propensity to consumption (4) Marginal efficiency to investment

Last Answer : Marginal efficiency of capital

Which of the following relations always holds true ? (1) Income = Consumption + Investment (2) Income = Consumption + Saving (3) Saving = Investment (4) Income = Consumption + Saving + Investment

Description : Which of the following relations always holds true ? (1) Income = Consumption + Investment (2) Income = Consumption + Saving (3) Saving = Investment (4) Income = Consumption + Saving + Investment

Last Answer : Income = Consumption + Saving

Investment multiplier shows the effect of investment on (1) Employment(2) Savings (3) Income (4) Consumption

Description : Investment multiplier shows the effect of investment on (1) Employment(2) Savings (3) Income (4) Consumption

Last Answer : Income

Consumption function expresses the relationship between consumption and (1) savings (2) income (3) investment (4) price

Description : Consumption function expresses the relationship between consumption and (1) savings (2) income (3) investment (4) price

Last Answer : income

Consumptions function refers to (1) relationship between income and employment (2) relationship between savings and investment (3) relationship between input and output (4) relationship between income and consumption

Description :  Consumptions function refers to (1) relationship between income and employment (2) relationship between savings and investment (3) relationship between input and output (4) relationship between income and consumption

Last Answer : relationship between income and consumption

Investment and savings are kept equal through a change in the level of (1) Consumption (2) Investment (3) Government expenditure (4) Income

Description : Investment and savings are kept equal through a change in the level of (1) Consumption (2) Investment (3) Government expenditure (4) Income

Last Answer : Consumption

'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."

Law of diminishing marginal utility is based on the assumption that a. Tastes change over time b. Consumption is continuous c. Different units of goods consumed are homogeneous Of these statements: A.Only a is true B.a and c are true C.b and c are true D.All are true

Description : Law of diminishing marginal utility is based on the assumption that a. Tastes change over time b. Consumption is continuous c. Different units of goods consumed are homogeneous Of these statements: A.Only a is true B.a and c are true C.b and c are true D.All are true

Last Answer : D.All are true