Description : 'Capital gains' refers to goods which - (1) serve as a source of raising further capital (2) help in the further production of goods (3) directly go into the satisfaction of human wants (4) find multiple uses
Last Answer : (2) help in the further production of goods Explanation: Capital goods are goods that are used in producing other goods, rather than being bought by consumers. They are tangible assets such as ... uses to produce goods or services in order to produce consumer goods and goods for other businesses.
Description : Capital goods are the goods which are 1. consumed directly 2. durable goods 3. used for further production 4. both 1 & 2 5. none of thes
Last Answer : used for further production
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
Description : "Capitalism" refers to: a. the use of markets b. government ownership of capital goods c. private ownership of capital goods d. private ownership of homes & cars
Last Answer : c. private ownership of capital goods
Description : Gains from trade can be divided into two parts (a) gains from exports and gains from imports. (b) gains from specialization and gains from exchange. © gains from consumption and gains from production. (d) gains from profit and gains from loss.
Last Answer : (b) gains from specialization and gains from exchange.
Description : Economic efficiency means (a) Production of goods of mass consumption at lower cost; (b) Production of goods and services for those who have purchasing power; (c) Getting greatest satisfaction from available resources ; (d) Full employment of working force
Last Answer : (c) Getting greatest satisfaction from available resources
Description : Which of these statement is true about production possibility curve (PPC/PPF) (a) It shows various combinations of two goods which yield same level of satisfaction (b) It shows various combination of two ... (d) It shows various combination of two goods which an economy can produce with a given time
Last Answer : (b) It shows various combination of two goods which an economy can produce with a given amount of resources
Description : An indifference curve measures the same level of - (1) Output from two factors (2) Satisfaction from two commodities (3) Satisfaction from Income and Capital (4) Satisfaction from expenditure and savings
Last Answer : (2) Satisfaction from two commodities Explanation: An indifference curve is a locus of combinations of goods which derive the same level of satisfaction. so that the consumer is indifferent ... of various points showing different combinations of two goods providing equal utility to the consumer
Description : An indifference curve measures the same level of (1) Output from two factors (2) Satisfaction from two commodities (3) Satisfaction from Income and Capital (4) Satisfaction from expenditure and savings
Last Answer : Satisfaction from two commodities
Description : The tax levied on gross sales revenue from business transactions is called - (1) Turnover Tax (2) Sales Tax (3) Capital Gains Tax (4) Corporation Tax
Last Answer : (1) Turnover Tax Explanation: A turnover tax is similar to a sales tax or a VAT, with the difference that it taxes intermediate and possibly capital goods. It is charged on gross ... turnover tax is levied on all intermediate transactions between businesses leading to and including the final sale.
Description : Which of the following is an indirect tax? (1) Capital Gains Tax (2) Excise Duty (3) Wealth Tax (4) Estate Duty
Last Answer : (2) Excise Duty Explanation: Some examples of indirect taxes include value added tax, excise duty, sales tax, stamp duty and custom duty levied on imports. These are taxes levied by the slate on expenditure and consumption, but not on property or income.
Description : Which of the following is an indirect tax ? (1) Capital Gains Tax (2) Excise Duty (3) Wealth Tax (4) Estate Duty
Last Answer : Excise Duty
Description : The tax levied on gross sales revenue from business transactions is called (1) Turnover Tax (2) Sales Tax (3) Capital Gains Tax (4) Corporation Tax
Last Answer : Turnover Tax
Description : Select the reasons, historically speaking, why the modern corporation was established as a legal entity: A. Social benefits flow from corporate institutions. B. Corporations provide an efficient means for raising large ... and for supplying jobs. E. All of the above. F. None of the above.
Last Answer : E. All of the above.
Description : Marketing provides maximum satisfaction of 1. Profits 2. Human wants 3. Needs 4. both 1 & 3 5. None of these
Last Answer : Human wants
Description : Intensive cultivation refers to (1) production with intensive use of labour (2) production with intensive use of fertilizer (3) raising production by intensive use of existing land (4) raising production by large scale use of imported inputs
Last Answer : (3) raising production by intensive use of existing land Explanation: Intensive farming is an agricultural intensification and mechanization system that aims to maximize yields from available land through various ... of inputs such as capital and labour, and higher crop yields per unit land area.
Last Answer : raising production by intensive use of existing land
Description : The current at which a magnetic-type overload relay tends to trip may be decreased by raising the plunger further into the magnetic circuit of the relay. This action ___________. A. reduces magnetic ... the relay D. increases magnetic pull on the plunger and requires less current to trip the relay
Last Answer : Answer: D
Description : An increase in per capital income is not an indication of an increase in the economic welfare of the people - (1) When such increase is the result of an increased production action of ... the production of industrial goods (4) When such increase is the result of increased production of intoxicants
Last Answer : (4) When such increase is the result of increased production of intoxicants Explanation: An increase in per capita income due to increased production of intoxicants cannot be taken as economic ... population, include: GDP, literacy, access to health care, and assessments of environmental quality.
Description : Enterpreneurial ability is a special kind of labour that - (1) is hired out to firms at high wages (2) organizes the process of production (3) produces new capital goods to earn interest (4) manages to avoid losses by continual innovation
Last Answer : (2) organizes the process of production Explanation: In economics, factors of production are the inputs to the production process. Factors of production' may also refer specifically to the 'primary factors', ... the other factors of production, land, labor, and capital, in order to make a profit.
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
Description : An increase in per capital income is not an indication of an increase in the economic welfare of the people (1) When such increase is the result of an increased production of comforts ( ... production of industrial goods (4) When such increase is the result of increased production of intoxicants
Last Answer : When such increase is the result of increased production of intoxicants
Description : Enterpreneurial ability is a special kind of labour that (1) is hired out to firms at high wages (2) organizes the process of production (3) produces new capital goods to earn interest (4) manages to avoid losses by continual innovation
Last Answer : organizes the process of production
Description : In franchising, which of the following is NOT a benefit that the franchiser gains? A)The franchiser can gain rapid product distribution. B)The franchiser can acquire capital more quickly for expanding ... to be highly motivated to succeed, which in turn leads to higher sales and higher royalties.
Last Answer : C)The franchiser gains a greater amount of control over how the franchisees operate the establishments.
Description : Minimum Support Price is announced by the government to provide : (a) incentives to farmers for raising production (b) incentives to traders to earn maximum profit from farmers (c) incentives to moneylenders to lend maximum to farmers (d) none of the above
Last Answer : (a) incentives to farmers for raising production
Description : The effective rate of protection (a). distinguishes between tariffs that are effective and those that are ineffective (b). is the minimum level at which a tariff becomes effective in ... in value added for domestic production that a particular tariff structure makes possible, in percentage terms
Last Answer : d). shows the increase in value added for domestic production that a particular tariff structure makes possible, in percentage terms
Description : Buying goods and services for further processing or for use in the production process refer to which of the following markets? A Consumer markets B. Government markets C. Business markets D. International markets
Last Answer : C. Business markets
Description : The basic object of all production is to (1) satisfy human wants (2) provide employment (3) make profits (4) increase physical output
Last Answer : (1) satisfy human wants Explanation: According to Adam Smith, consumption is the sole end and purpose of all production. The goal of production is the satisfaction of human desire. All the processes, by which human labor creates goods and services, bring them to the ultimate consumer.
Last Answer : satisfy human wants
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.
Last Answer : More wants and less goods
Description : Practice of forestry with the object of raising flowering trees and shrubs mainly to serve as recreation forests for the urban and rural population, is known as? [a] Recreation forestry [b] Extension forestry [c] Farm forestry [d] Mixed forestry [e] All of these
Last Answer : [a] Recreation forestry
Description : Free Trade refers to - (1) free movement of goods from one country to another (2) movement of goods free of cost (3) unrestricted exchange of goods and service (4) trade free of duty
Last Answer : (1) free movement of goods from one country to another Explanation: Free trade is a policy by which a government does not discriminate against imports or interfere with exports by ... countries are determined by price strategies that may differ-from those that would emerge under deregulation.
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).
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
Description : Free Trade refers to (1) free movement of goods from one country to another (2) movement of goods free of cost (3) unrestricted exchange of goods and service (4) trade free of duty
Last Answer : free movement of goods from one country to another
Description : It refers to the level of auditor’s satisfaction as to the reliability of an assertion being made by one party for use by another party. a. Confidence level b. Assurance level c. Reasonableness level d. Tolerable leve
Last Answer : Assurance level
Description : An indiference curve measures ______ level of satisfaction derived from different combinations of commodity X and Y. (1) same (2) higher (3) lower (4) minimum
Last Answer : (1) same Explanation: An indifference curve may be defined as the locus of points, each representing a different combination of two substitute goods, which yield the same utility or level of ... is indifferent between any two combinations of goods when it comes to making a choice between them.
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 : 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 : In teaching process first step is — a. Satisfaction b. Action c. Desire d. Attention
Last Answer : d. Attention
Description : “Higher the indifference curve, higher will be the level of satisfaction” (a) always true (b) always false © sometimes true and sometimes false (d) true only if price effect is positive.
Last Answer : (b) always false
Description : An indifference curve measures ______________ level of satisfaction derived from different combinations of commodity X and Y. (1) same (2) higher (3) lower (4) minimum
Last Answer : same
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 : Marginal Utility = Price
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 : The difference between visible exports and visible imports is defined as - (1) Balance of trade (2) Balance of payment (3) Balanced terms of trade (4) Gains from trade
Last Answer : (1) Balance of trade Explanation: The balance of trade (or net exports, sometimes symbolized as NX) is the difference between the monetary value of exports and imports of output in an economy over a certain period. It is the relationship between a nation's imports and exports.
Description : According to Heckscher and Ohlin there are two bases of international trade (a) coparative advantage and absolute advantage (b) gains from trade and cost of trade. © difference in factor endowments and differences in factor intensities. (d) none of them.
Last Answer : © difference in factor endowments and differences in factor intensities.
Description : The difference between visible exports and visible imports is defined as (1) Balance of trade (2) Balance of payment (3) Balanced terms of trade (4) Gains from trade
Last Answer : Balance of trade
Description : “Capitalism” refers to? a) The use of market b) Government ownership of capital c) Private ownership of capital goods d) Private ownership of homes & cars
Last Answer : Answer- c
Description : The fact that organisational customers purchase products to be used directly or indirectly in the production of goods and services to satisfy customers' needs means that demand for industrial products is: A)joint B)economically stable C)derived D)inelastic E)more fluctuating
Last Answer : C)derived