Description : Aneconomy in which there are no flows of labour, goods or money to and from other nations is a/an - (1) slow economy (2) mixed economy (3) closed economy (4) open economy
Last Answer : (3) closed economy Explanation: An economy that does not interact with the economy of any other country is known as closed economy. A closed economy is selfsufficient, meaning no imports are brought in ... It is the opposite of an open economy, in which a country conducts trade with outside regions.
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
Description : An economy which does not have any relation with the rest of the world is known as (1) Socialist economy (2) Closed economy (3) Open economy (4) Mixed economy
Last Answer : (2) Closed economy Explanation: A Closed economy is an economy in which no activity is conducted with outside economies. A closed economy is self-sufficient, meaning that no imports are brought in ... The goal is to provide consumers with everything that they need from within the economy's borders.
Last Answer : Closed economy
Description : Capacity utilization - (1) is usually near 100 percent. (2) represents the percent of the labour force that is employed. (3) is a measure of the proportional of the existing capital ... into a recession, since firms must replace unemployed workers with some other resources to maintain production.
Last Answer : (3) is a measure of the proportional of the existing capital stock used for current production. Explanation: Capacity utilisation refers to the extent or level to which the productive capacity of a ... as a percentage, it is computed by dividing the total capacity with the portion being utilized.
Description : Capacity utilisation (1) is usually near 100 percent. (2) represents the percent of the labour force that is employed. (3) is a measure of the proportional of the existing capital ... into a recession, since firms must replace unemployed workers with some other resources to maintain production.
Last Answer : is a measure of the proportional of the existing capital stock used for current production.
Description : According to Singer and Prebisch in the long run terms of trade moves in favour of ---- products and against ---- products. (a) primary, secondary (b) secondary, primary © goods, service (d) stocks, flows.
Last Answer : (b) secondary, primary
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."
Description : Which among the following is not a non-customs duty obstacle in the world trade? (1) Quantity restriction (2) Establishment of Standard of labour in manufacturing (3) Determination of import duty uniformly (4) Restrictions on goods quality
Last Answer : (3) Determination of import duty uniformly Explanation: Non-tariff barriers to trade include import quotas, special licenses, unreasonable standards for the quality of goods, bureaucratic delays at customs, ... duty uniformly is comes under the sovereign duty of a nation. It is internal development.
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 : . Terms of trade is (a) the ratio of imports / exports (b) the ratio of exports/imports © the ratio of goods/services (d) the ratio of land/labour
Last Answer : (b) the ratio of exports/imports
Description : Which among the following is not a non-customs duty obstacle in the world trade ? (1) Quantity restriction (2) Establishment of Standard of labour in manufacturing (3) Determination of import duty uniformly (4) Restrictions on goods quality
Last Answer : Determination of import duty uniformly
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
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 : 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.
Description : Indian agriculture is typically characterised as - (1) land surplus, labour scarce economy (2) land surplus, labour surplus economy (3) land scarce, labour surplus economy (4) land scarce, labour scarce economy
Last Answer : (3) land scarce, labour surplus economy Explanation: The labor surplus economy model has as its basic premise the inability of unskilled agricultural labor markets to clear in countries with high man/land ... Japan, South Korea, and Taiwan are similar to India in being land scarce and labor surplus.
Description : Labour Intensive Technique would get chosen in a - (1) Labour Surplus Economy (2) Capital Surplus Economy (3) Developed Economy (4) Developing Economy
Last Answer : (1) Labour Surplus Economy Explanation: Labour' refers to the people required to carry out a process in a business. Labour-intensive processes are those that require a relatively high level of ... intensive processes are more likely to be seen in Job production and in smaller-scale enterprises.
Description : If capital is available in large proportion and labour is less then the economy is known as (a) Labour intensive country (b) Capital intensive country. © Both (a) and (b). (d) None of the above.
Last Answer : (b) Capital intensive country.
Description : Indian agriculture is typically characterised as (1) land surplus, labour scarce economy (2) land surplus, labour surplus economy (3) land scarce, labour surplus economy (4) land scarce, labour scarce economy
Last Answer : land scarce, labour surplus economy
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
Description : Labour Intensive Technique would get chosen in a (1) Labour Surplus Economy (2) Capital Surplus Economy (3) Developed Economy (4) Developing Economy
Last Answer : Labour Surplus Economy
Description : Gross National Product is the money measure of - (1) all tangible goods produced in a country (2) final goods and services produced in the economy (3) services generated annually in the economy (4) all tangible goods available in the economy
Last Answer : (2) final goods and services produced in the economy Explanation: Gross national product (GNP) is the market value of all products and services produced in one year by labour and property supplied ... (including income of those located abroad), minus income of non-residents located in that country.
Description : Gross National Product is the money measure of (1) all tangible goods produced in a country (2) final goods and services produced in the economy (3) services generated annually in the economy (4) all tangible goods available in the economy
Last Answer : final goods and services produced in the economy
Description : "Closed Economy" means : (1) no provision for public sector (2) no provision for private sector (3) economy policy not well defined (4) a country having no imports and exports
Last Answer : (4) a country having no imports and exports Explanation: Closed economy is an economy in which no activity is conducted with outside economies. A closed economy is self-sufficient, meaning that no ... The goal is to provide consumers with everything that they need from within the economy's borders.
Description : “Closed Economy” means: (1) no provision for public sector (2) no provision for private sector (3) economy policy not well defined (4) a country having no imports and exports
Last Answer : a country having no imports and exports
Description : A mixed economy refers to an economic system where - (1) The economy functions with foreign collaboration (2) Only t he private sector operates under government control (3) Both the government and the private sectors operate sectors operate simultaneously (4) No foreign investment is allowed
Last Answer : (3) Both the government and the private sectors operate sectors operate simultaneously Explanation: Mixed economy is an economic system in which both the state and private sector direct the ... and that the government wields indirect influence over the economy through fiscal arid monetary policies.
Description : A mixed economy refers to an economic system where (1) The economy functions with foreign collaboration (2) Only the private sector operates under government control (3) Both the government and the private sectors operate sectors operate simultaneously (4) No foreign investment is allowed
Last Answer : Both the government and the private sectors operate sectors operate simultaneously
Description : A closed economy is one which - (1) Does not trade with other countries (2) Does not possess any means of international transport (3) Does not have a coatastal line (4) (4) Is not a member of the U.N.O.
Last Answer : (1) Does not trade with other countries Explanation: A closed economy is one that has no exports or imports. An open economy is one that has exports and imports. In a closed ... surplus. In a closed economy, equilibrium price and equilibrium quantity determine consumer surplus and producer surplus.
Description : A closed economy is one which (1) Does not trade with other countries (2) Does not possess any means of international transport (3) Does not have a coatastal line (4) Is not a member of the U.N.O.
Last Answer : Does not trade with other countries
Description : Refering to the illustrated schematic diagram, which of the following statements is true when the motor is running in the forward direction? EL-0011 A. Normally-open contacts '4-5' are closed. B. Current ... switch. C. Normally-closed contacts 'R' are open. D. The blowout coils must be closed.
Last Answer : Answer: B
Description : A circuit is connected as shown in the figure with the switch S open. When the switch is closed, the total amount of charge that flows from Y to X is
Last Answer : C
Description : The goods and the services produced, priced and distributed by the government is ___. A. Market economy. B. Secular economy. C. Command economy. D. Mixed economy.
Last Answer : C. Command economy.
Description : Which statement about the US economy is wrong? (A) The US has a capitalist mixed economy. (B) The US national debt is the world's largest. (C) The US economy is shaped by the country's ... infrastructure, and high productivity. (D) The USA is the largest exporter and importer of goods in the world.
Last Answer : (D) The USA is the largest exporter and importer of goods in the world.
Description : Which of the following denotes an underdeveloped economy? a. High level of inequalities b. Low level of capital productivity c. A relatively closed economy d. All the above
Last Answer : d. All the above
Description : With which form of economy is the term 'Laissez-faire' associated? (1) Capitalist economy (2) Socialist economy (3) Mixed economy (4) Command economy
Last Answer : (1) Capitalist economy Explanation: In economics, laissez-faire means allowing industry to be free of state intervention, especially restrictions in the form of tariffs and government monopolies. ... industrial growth in the late 19th century both occurred in a laissezfaire capitalist environment.
Description : 'Mixed economy' refers to - (1) the co-existence of heavy, small scale and cottage industries (2) the promotion of agriculture as well as cottage industries (3) the co-existence of rich as well as poor (4) the co-existence of public as well as private sector
Last Answer : (4) the co-existence of public as well as private sector Explanation: Mixed economy is an economic system in which both the state and private sector direct the economy, reflecting characteristics of both market economies and planned economies.
Description : Price mechanism is a feature of - (1) Capitalist economy (2) Barter economy (3) Mixed economy (4) Socialist economy
Last Answer : (1) Capitalist economy Explanation: Price mechanism is an economic term that refers to the manner in which the prices of commodities affect the demand and supply of goods and services. It is ... that only by allowing prices to move freely will the supply of any given commodity match demand.
Description : A mixed economy works primarily through the - (1) market mechanism (2) central allocative machinery (3) market mechanism regulated by Government policy (4) market mechanism guided by Government participation and planning
Last Answer : (4) market mechanism guided by Government participation and planning Explanation: Mixed economy is an economic system in which both the state and private sector direct the economy, ... enterprises and the accumulation of capital remain the fundamental driving force behind economic activity.
Description : Mixed Economy means : (1) Promoting both agriculture and industries in the economy (2) Co-existence of public and private sectors (3) Co-existence of rich and poor (4) Co-existence of small and large industries
Last Answer : (2) Co-existence of public and private sectors Explanation: A mixed economy is variously defined as an economic system consisting of a mixture of either markets and economic planning, public ... economies are mixed where the means of production are shared between the private and public sectors.
Description : 'Hire and Fire' is the policy of - (1) Capitalism (2) Socialism (3) Mixed Economy (4) Traditional Economy
Last Answer : (3) Mixed Economy Explanation: In capitalism, people may sell or lend their properly, and other people may buy or borrow them. In many countries with mixed economies (part capitalism and part socialism) there are laws ... we can buy or sell, or what prices we can charge, or whom we can hire or fire.
Description : ‘Mixed economy’ refers to (1) the co-existence of heavy, small scale and cottage industries (2) the promotion of agriculture as well as cottage industries (3) the co-existence of rich as well as poor (4) the co-existence of public as well as private sector
Last Answer : the co-existence of public as well as private sector
Description : With which form of economy is the term ‘Laissez-faire’ associated ? (1) Capitalist economy (2) Socialist economy (3) Mixed economy (4) Command economy
Last Answer : Capitalist economy
Last Answer : Co-existence of public and private sectors
Description : A mixed economy works primarily through the (1) market mechanism (2) central allocative machinery (3) market mechanism regulated by Government policy (4) market mechanism guided by Government participation and planning
Last Answer : market mechanism guided by Government participation and planning
Description : Price mechanism is a feature of (1) Capitalist economy (2) Barter economy (3) Mixed economy (4) Socialist economy
Description : ‘Hire and Fire’ is the policy of (1) Capitalism (2) Socialism (3) Mixed Economy (4) Traditional Economy
Last Answer : Mixed Economy
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.
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.
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 allocation of resources. (4) consumer goods are free from government control,
Last Answer : (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, ... to motivate producers. So ultimately it means how the consumers want to spend their incomes.
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