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.
Description : In Economics the 'Utility' and 'Usefulness' have - (1) same meaning (2) different meaning (3) opposite meaning (4) None of the above
Last Answer : (2) different meaning Explanation: In economics, utility is a representation of preferences over some set of goods and services. Preferences have a utility representation so long as they are ... . Usefulness means having practical utility of a piece which is beneficial, pertinent and functional.
Description : In Economics the ‘Utility’ and ‘Usefulness’ have (1) same meaning (2) different meaning (3) opposite meaning (4) None of the above
Last Answer : different meaning
Description : Which of the following is a tertiary activity? (1) Farming (2) Manufacturing (3) Dairying (4) Trading
Last Answer : (4) Trading Explanation: The tertiary sector or service sector is the third of the three economic sectors of the three-sector theory. The others are the secondary sector (manufacturing), and the ... service based and give non-tangible value to customers such as provision of services, trading, etc.
Last Answer : Trading
Description : Which among the following deals with that branch of agricultural economics which is mainly about the business principles and interests of farming? a. Agriculture management b. Business management c. Economy management d. Farm management
Last Answer : d. Farm management
Description : What can be done so that more non-farming production activities can be started in villages? -Economics 9th
Last Answer : 1. More industries should be set up in rural areas. 2. Vocational courses should be introduced. 3. Villages should be well connected to cities to make availability of market easier. 4. ... . 5. Transport facilities should be improved to make the availability of raw materials and market easier.
Description : The term utility means - (1) usefulness of a commodity (2) the satisfaction which a commodity yields (3) the service which a commodity is capable of rendering (4) None of these
Last Answer : (2) the satisfaction which a commodity yields Explanation: In economics, 'Utility,' refers to the total satisfaction received from consuming a good or service. It is usually applied by economists ... commodities that an individual or a society would accept to maintain a given level of satisfaction.
Description : The term utility means (1) usefulness of a commodity (2) the satisfaction which a commodity yields (3) the service which a commodity is capable of rendering (4) None of these
Last Answer : the satisfaction which a commodity yields
Description : Production refers to - (1) destruction of utility (2) creation of utilities (3) exchange value (4) use of a product
Last Answer : (2) creation of utilities Explanation: Production refers to "the creation of utility having value-in-exchange." The process of production may create six types of utilities: form utility, time utility, place utility, ownership utility, service utility and knowledge utility.
Description : Engel’s curve illustrates the relationship between (a) Consumption and Utility (b) Production and Productivity (c) Income and Consumption (d) Income and Production
Last Answer : (c) Income and Consumption
Description : The law of diminishing marginal utility is most useful for explaining the (a) Law of supply (b) Law of demand © Shape of production possibility curve (d) curvature of total cost curve
Last Answer : (b) Law of demand
Description : Production refers to (1) destruction of utility (2) creation of utilities (3) exchange value (4) use of a product
Last Answer : creation of utilities
Description : Operating Surplus arises in the - (1) Government Sector (2) Production for self consumption (3) Subsistence farming (4) Enterprise Sector
Last Answer : (1) Government Sector
Description : Operating Surplus arises in the (1) Government Sector (2) Production for self-consumption (3) Subsistence farming (4) Enterprise Sector
Last Answer : Government Sector
Description : What is needed for creating demand? (1) Production (2) Price (3) Income (4) Import
Last Answer : (1) Production Explanation: Demand refers to how much (quantity) of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a ... demanded is known as the demand relationship. So for demand to originate, a product is required first.
Description : What is needed for creating demand ? (1) Production(2) Price (3) Income (4) Import
Last Answer : Production
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 : (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 ... place is so called because it is centrally located to maximize accessibility from the surrounding region.
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.
Last Answer : Demand backed by purchasing power
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
Description : Which two statements are true about the public cloud model? A. It meets security and auditing requirements for highly regulated industries. B. Resources and infrastructure are managed ... capital expenditures to creating a virtualized and elastic infrastructure within the enterprise data center.
Last Answer : It shifts the bulk of the costs from capital expenditures and IT infrastructure investment to an utility operating expense model.
Description : Economics classifies the manmade instrument of production as: (1) Organization (2) Capital (3) equipment (4) labour
Last Answer : (2) Capital Explanation: Some economists have classified factors into two categories, land and labour (or nature and man) on the ground that they are the only original or primary factors. ... . However, other economists include all man-made instruments for production in the category of Capital.
Description : The basic problem studied in Macro - Economics is - (1) production of income (2) usage of income (3) flow of income (4) distribution of income
Last Answer : (1) production of income Explanation: Macroeconomics involves the sum total of economic activity, dealing with the issues such as production of national income, growth, inflation, and unemployment. It is all about is about maximizing national income and growth.
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
Description : The basic problem studied in Macro - Economics is (1) production of income (2) usage of income (3) flow of income (4) distribution of income
Last Answer : production of income
Description : Economics classifies the manmade instrument of production as : (1) organization (2) capital (3) equipment (4) labour
Last Answer : capital
Description : Interms of economics, if it is possible to make someone better off without making someone worse off, then the situation is - (1) Inefficient (2) Efficient (3) Optimal (4) Paretosuperior
Last Answer : (1) Inefficient Explanation: Pareto efficiency is said to occur when it is impossible to make one party better off without making some-one worse off. An inefficient situation is one where it possible to make some people better off without making anyone else worse off.
Description : Which is the basically a decision making science ? a. Farm management b. Macro economics c. Micro economics d. None of these
Last Answer : a. Farm management
Description : In terms of economics, if it is possible to make someone betteroff without making someone worseoff, then the situation is (1) Inefficient (2) Efficient (3) Optimal (4) Paretosuperior
Last Answer : Inefficient
Description : Which of the following following is most likely to affect the location ocation strategy strategy of a manufacturing anufacturing firm? a. appearance/image appearance/image of the area b. utility costs c. purchasing purchasing power of drawing drawing area d. competition competition in the area
Last Answer : b. utility costs
Description : Which of th rather than a manufacturing firm? of the following is most likely to kely to affect the location deci on decision of a service firm a. energy and utility utility costs b. attitude ... unions c. parking and access d. cost of shipping shipping finished finished goods e. labor costs
Last Answer : c. parking and acces
Description : Better classroom management means (a) per group work and better interaction among pupils (b) prior preparation of teacher in the making of suitable aids (c) Punctuality of the teachers in coming in the ... creating problems (f) Avoid teaching when pupils are not in proper mood (g) All of these
Last Answer : (g) All of these
Description : Which of the following is not a type of elasticity in economics………………… (a) Income elasticity ; (b) Price elasticity ; (c) Utility elasticity ; (d) Cross elasticity
Last Answer : (c) Utility elasticity ;
Description : Capital in economics means (a) Factor of production ; (b) Fund brought in by the entrepreneur; (c) Investment in shares, bank deposits ; (d) All the above
Last Answer : (a) Factor of production ;
Description : Cheap solar energy and genetic engineering will provide the basis for primaryindustries in the countryside, a. Modernized farming. b. Mining. c. Manufacturing. d. All of the above.
Last Answer : d. All of the above.
Description : Define Green Revolution . How is the Green Revolution different from traditional farming? -Economics 9th
Last Answer : Green revolution means increase in agricultural production due to the introduction of modern technique. Green revolution is different from traditional farming because green revolution mean the ... But in traditional farming farmers depends on monsoons like rain fall for agricultural production.
Description : Why is my electric utility company offering a renewable energy option?
Last Answer : You’re not supposed to ask questions about renewable energy, just say yes. If it causes harm, that’s a price we’re willing to pay. Apparently. Any other industry would be fined out of existence.
Description : The total utility from 9 units of commodity x is 20 and from 10 units is 15. Calculate the marginal utility from 10th unit. (1) 0.5 (3) 5 (2) -0.5 (4) -5
Last Answer : (4) -5 Explanation: Marginal Utility = Change in Total Utility / Change in number of Units consumed. The first component of the formula is to calculate the change in total utility. The second component of the marginal utility formula is the change in the number of units that have been consumed.
Description : Which of the following concepts are most closely associated with J.M. Keynes? (1) Control of money supply (2) Marginal utility theory (3) Indifference curve analysis (4) Marginal efficiency of captial
Last Answer : (4) Marginal efficiency of captial Explanation: The marginal efficiency of capital (MEC) is that rate of discount which would equate the price of a fixed capital asset with its present discounted ... given by the returns expected from the capital asset during its life Just equal its supply price
Description : The value of a commodity expressed in terms of money is known as - (1) Price (2) Utility (3) Value (4) Wealth
Last Answer : (1) Price Explanation: The exchange value of every commodity can be expressed in terms of money. This possibility has enabled money to become a medium for expressing values when the growing elaboration of ... . Thus, price can be defined as exchange value of a commodity expressed in terms of money.
Description : A want becomes a demand only when it is backed by the - (1) Ability to purchase (2) Necessity to buy (3) Desire to buy (4) Utility of the product
Last Answer : (1) Ability to purchase Explanation: Need," "Want," and "Demand" are the three key concepts of marketing. Needs are the basic human requirements. These needs become wants when they are directed to specific ... a weekend break in the Caribbean, but only a few people are willing and able to buy one.
Description : When marginal utility is zero, the total utility is - (1) Minimum (2) Increasing (3) Maximum (4) Decreasing
Last Answer : (3) Maximum Explanation: Marginal utility measures the extra utility (or satisfaction) from consuming an additional unit of a product. Total utility is the total satisfaction from the consumption of the ... in total satisfaction from the consumption of that unit. So the total unit is at maximum.
Description : Diamonds are priced higher than water because : (1) they are sold by selected firms with monopolistic powers. (2) their marginal utility to buyers is higher than that of water. (3) their total utility to buyers is higher than that of water. (4) consumers do not buy them at lower prices.
Last Answer : (2) their marginal utility to buyers is higher than that of water. Explanation: The water diamond paradox or puzzle was a mystery of Adam Smith who observed that the price of diamonds was much higher ... is very high and so consumers are willing to pay higher prices for diamond, than for water.
Description : The Marginal Utility Curve slopes downward from left to right indicating - (1) A direct relationship between marginal utility and the stock of commodity (2) A constant relationship between marginal ... stock of commodity (4) An inverse relationship between marginal utility and the stock of commodity
Last Answer : (4) An inverse relationship between marginal utility and the stock of commodity Explanation: The Marginal Utility Curve is a curve illustrating the relation between the marginal utility obtained from ... marginal (additional) benefit to the consumer falls; hence consumers are prepared to pay less.
Description : If total utility is maximum at a point, then marginal utility is - (1) positive (2) zero (3) negative (4) positive but decreasing
Last Answer : (2) zero Explanation: Marginal utility of a good or service is the gain (or loss) from an increase (or decrease) in the consumption of that good or service. As the rate ... increase in consumption of units of commodities causes marginal utility to become negative; this signifies dissatisfaction.
Description : Consumer gets maximum satisfaction at the point where - (1) Marginal Utility = Price (2) Marginal Utility > Price (3) Marginal Utility < Price (4) Marginal Cost = Price
Last Answer : (1) Marginal Utility = Price Explanation: As per the law of diminishing marginal utility, the utility of each successive unit goes on diminishing as more and more units of a commodity are consumed. A ... for it. In this way, the consumer will get the maximum satisfaction and will be in equilibrium.
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