Which of the following is a central problem of every economy (a) Abundance of resources ; (b) Scarcity of economic resources ; (c) Poverty; (d) Moral and ethical values

Which of the following is a central problem of every economy (a) Abundance of resources ; (b) Scarcity of economic resources ; (c) Poverty; (d) Moral and ethical values 
by

1 Answer

Answer :

(b) Scarcity of economic resources ;
by

Related questions

In addition to three Central problem of economy, the additional problem(s) raised by the Modern economists is / are (a) Are the resources fully utilized or not ; (b) How efficient is the production and distribution system; (c) Whether the capacity to produce or grow is increasing or is static ; (d) All the three

Description : In addition to three Central problem of economy, the additional problem(s) raised by the Modern economists is / are (a) Are the resources fully utilized or not ; (b) How efficient is the production and ... (c) Whether the capacity to produce or grow is increasing or is static ; (d) All the three

Last Answer : (d) All the three

PPF is negative sloped due to (a) Scarcity of production resources ; (b) Unlimited wants ; (c) Improvement in technology; (d) Increasing opportunity cost

Description : PPF is negative sloped due to (a) Scarcity of production resources ; (b) Unlimited wants ; (c) Improvement in technology; (d) Increasing opportunity cost 

Last Answer : (a) Scarcity of production resources ; 

Scarcity of resources means (a) Limited resources ; (b) Non – esxistence of resources ; (c) Both ; (d) None

Description : Scarcity of resources means (a) Limited resources ; (b) Non – esxistence of resources ; (c) Both ; (d) None

Last Answer : (a) Limited resources ;

Scarcity of resources leads to (a) Unsatisfaction of human wants ; (b) Evaluation of alternative uses of scarce resources; (c) Both ; (d) None

Description : Scarcity of resources leads to (a) Unsatisfaction of human wants ; (b) Evaluation of alternative uses of scarce resources; (c) Both ; (d) None

Last Answer : (c) Both ;

The fundamental economic problem faced by all societies is: a. unemployment b. inequality c. poverty d. scarcity

Description : The fundamental economic problem faced by all societies is: a. unemployment b. inequality c. poverty d. scarcity

Last Answer : d. scarcity

The main economic problem faced by all society is. a) Unemployment b) Inequality c) Poverty d) Scarcity

Description : The main economic problem faced by all society is. a) Unemployment b) Inequality c) Poverty d) Scarcity

Last Answer : Answer- d

The paradox of Diamond is more costly than water is explained by (a) Marginal utility concept ;(b) Scarcity ; (c) Relative cost of production ; (d) All the three

Description : The paradox of Diamond is more costly than water is explained by (a) Marginal utility concept ;(b) Scarcity ; (c) Relative cost of production ; (d) All the three

Last Answer : ;(b) Scarcity ;

Economic problem arises mainly due to (1) overpopulation (2) unemployment (3) scarcity of resources (4) lack of industries

Description : Economic problem arises mainly due to (1) overpopulation (2) unemployment (3) scarcity of resources (4) lack of industries

Last Answer : (3) scarcity of resources 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. The ... produced and how the factors of production (such as capital and labor) are to be allocated.

Economic problem arises mainly due to (1) overpopulation (2) unemployment (3) scarcity of resources (4) lack of industries

Description : Economic problem arises mainly due to (1) overpopulation (2) unemployment (3) scarcity of resources (4) lack of industries

Last Answer : scarcity of resources

In question No. 53 if the economy produces only 3 guns and 900 tons of wheat instead of 1100 tons of wheat what does it indicates (a) Under employment of resources ; (b) Production in efficiency ; (c) Sub-optimal production; (d) All the three

Description : In question No. 53 if the economy produces only 3 guns and 900 tons of wheat instead of 1100 tons of wheat what does it indicates (a) Under employment of resources ; (b) Production in efficiency ; (c) Sub-optimal production; (d) All the three

Last Answer : (d) All the three 

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 goods which an economy can produce with a given amount of resources (c) It shows various combination of two goods which an economy can produce with a given budget (d) It shows various combination of two goods which an economy can produce with a given time

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

Micro economics theory deals with (a) Economic behavior of individual economic decision making units; (b) Economy as a whole ; (c) Trade relations ; (d) Economic growth of the society

Description : Micro economics theory deals with (a) Economic behavior of individual economic decision making units; (b) Economy as a whole ; (c) Trade relations ; (d) Economic growth of the society

Last Answer : (a) Economic behavior of individual economic decision making units; 

In free economy the decision about investment, saving and consumption are decided by (a) Price mechanism ; (b) Central bank ;(c) Planning Commission ;(d) Finance budget

Description :  In free economy the decision about investment, saving and consumption are decided by (a) Price mechanism ; (b) Central bank ;(c) Planning Commission ;(d) Finance budget 

Last Answer : (a) Price mechanism

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

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 

Economic resources are (a) Unlimited ; (b) Limited in supply and use ; (c) Limited in supply but have alternative uses; (d) Unproductive

Description : Economic resources are (a) Unlimited ; (b) Limited in supply and use ; (c) Limited in supply but have alternative uses; (d) Unproductive

Last Answer :  (c) Limited in supply but have alternative uses; 

In economic theory the term “means” refers to (a) Resources ; (b) Arithmetic mean ; (c) A characteristic ; (d) None

Description : In economic theory the term “means” refers to (a) Resources ; (b) Arithmetic mean ; (c) A characteristic ; (d) None

Last Answer : (a) Resources ;

Do you live a life of scarcity or abundance?

Description : Do you live a life of scarcity or abundance?

Last Answer : answer:I love this question. I'm fully human, so I'm a mixture of viewing the world as infinitely abundant and full of woeful scarcity. I lived through some tumultuous years that ended in a profound shift ... . So while I know love is abundant, even infinite, I still have fear. I like being human.

Water is available in abundance in India but even then scarcity of water is experienced in major parts of the country. Explain with four examples. -SST 10th

Description : Water is available in abundance in India but even then scarcity of water is experienced in major parts of the country. Explain with four examples. -SST 10th

Last Answer : India receives nearly 4 per cent of the global precipitation. The total renewable water resources of India are estimated at 1,897 sq km per annum. Inspite of this fact that ... irrigated areas and dry-season agricultrure. Over-irrigation in these areas have adversely affected water-availability.

It refers to the inculcation, assimilation and acquisition of knowledge, skills, proficiency and ethical and moral values, after the .initial registration of a professional that raise and enhance the professional's technical skills and competence. a. Professional Development b. Continuing Professional Education c. Continuing Professional Development d. Professional Growth and Development

Description : It refers to the inculcation, assimilation and acquisition of knowledge, skills, proficiency and ethical and moral values, after the .initial registration of a professional that ... b. Continuing Professional Education c. Continuing Professional Development d. Professional Growth and Development

Last Answer : Continuing Professional Education

……………. States that rapid growth of per capita income will be associated with a reduction in poverty. (a) The trickle down theory ; (b) Multiplier theory ; (c) Malthus population theory ; (d) None

Description : ……………. States that rapid growth of per capita income will be associated with a reduction in poverty. (a) The trickle down theory ; (b) Multiplier theory ; (c) Malthus population theory ; (d) None

Last Answer : (a) The trickle down theory ;

Manipulation in CRR enables the RBI to ……. (a) Influence the lending ability of the commercial banks ; (b) Check unemployment growth; (c) Check poverty ; (d) Increase GDP

Description : Manipulation in CRR enables the RBI to ……. (a) Influence the lending ability of the commercial banks ; (b) Check unemployment growth; (c) Check poverty ; (d) Increase GDP

Last Answer : (a) Influence the lending ability of the commercial banks ;

Which of the following is an example of a government transfer payment? (a) Purchase of a new car for the Ministry of Finance ; (b) Funding of a clinic to provide free vaccinations. ; (c) Free food coupons issued to persons in an anti-poverty program. ; (d) Funding of a new bridge in an urban area

Description : Which of the following is an example of a government transfer payment? (a) Purchase of a new car for the Ministry of Finance ; (b) Funding of a clinic to provide free vaccinations. ; (c) Free food coupons issued to persons in an anti-poverty program. ; (d) Funding of a new bridge in an urban area

Last Answer : (c) Free food coupons issued to persons in an anti-poverty program. ;

Normative economic theory deals with (a) What is or how the economic problem facing the society are solved; (b) How the problem should be solved ; (c) What to Produce ; (d) How to produce

Description : Normative economic theory deals with (a) What is or how the economic problem facing the society are solved; (b) How the problem should be solved ; (c) What to Produce ; (d) How to produce

Last Answer : (b) How the problem should be solved ;

The central problem of how to produce is resolved by (a) Demand and supply of factor inputs ; (b) Demand and supply of goods; (c) Relative prices and availability of factors of production ; (d) Government intervention

Description : The central problem of how to produce is resolved by (a) Demand and supply of factor inputs ; (b) Demand and supply of goods; (c) Relative prices and availability of factors of production ; (d) Government intervention

Last Answer : (c) Relative prices and availability of factors of production

Which of the following is not a central problem of a society (a) What to produce ; (b) How to produce ; (c) For whom to produce ; (d) What to eat

Description : Which of the following is not a central problem of a society (a) What to produce ; (b) How to produce ; (c) For whom to produce ; (d) What to eat

Last Answer : (d) What to eat

Which of the following is not a central problem of a society (a) What to produce ; (b) How to produce ; (c) For whom to produce ; (d) Where to produce

Description : Which of the following is not a central problem of a society (a) What to produce ; (b) How to produce ; (c) For whom to produce ; (d) Where to produce

Last Answer : (d) Where to produce

Do you think higher birth rates among the poor (which leads to increased scarcity and poverty) needs the same attention that global warming has gotten in recent years?

Description : Do you think higher birth rates among the poor (which leads to increased scarcity and poverty) needs the same attention that global warming has gotten in recent years?

Last Answer : yes, yes and yes.thank you for bringing this up. no one talks about overpopulation any more. but the environmental crises come from this. the housing crisis indirectly came from this, too.

Why is Scarcity the basic economic problem?

Description : Why is Scarcity the basic economic problem?

Last Answer : Where resources are finite, or require active distribution, theycan become unavailable in the quantities needed or desired, atleast in some locations.Scarcity (a lack of sufficient supply) can strongly ... simply a natural flaw of that paradigm. Therefore,scarcity is truly a matter of perception.

Why is Scarcity the basic economic problem?

Description : Why is Scarcity the basic economic problem?

Last Answer : Where resources are finite, or require active distribution, theycan become unavailable in the quantities needed or desired, atleast in some locations.Scarcity (a lack of sufficient supply) can strongly ... simply a natural flaw of that paradigm. Therefore,scarcity is truly a matter of perception.

Which of these is/are the feature of an underdeveloped economy? (a) Greater inequalities ; (b) High incidence of unemployment ; (c) Orthodox means of production ; (d) All the three

Description : Which of these is/are the feature of an underdeveloped economy? (a) Greater inequalities ; (b) High incidence of unemployment ; (c) Orthodox means of production ; (d) All the three

Last Answer :  (d) All the three 

Structural unemployment is mainly due to (a) Structural changes in the economy ; (b) Technological development (c) Growth in GDP ; (d) Population explosion.

Description : Structural unemployment is mainly due to (a) Structural changes in the economy ; (b) Technological development (c) Growth in GDP ; (d) Population explosion.

Last Answer : (a) Structural changes in the economy ;

Disguised unemployment is mainly due to (a) Under employment ; (b) Seasonal nature of work ; (c) Strike and lock-out ; (d) Structural changes in the economy

Description : Disguised unemployment is mainly due to (a) Under employment ; (b) Seasonal nature of work ; (c) Strike and lock-out ; (d) Structural changes in the economy

Last Answer : (a) Under employment ;

In an open economy (a) GDP=GNP ; (b) GDP>GNP ; (c) GDP<GNP ; (d) All the three are possible

Description : In an open economy (a) GDP=GNP ; (b) GDP>GNP ; (c) GDP

Last Answer : ; (d) All the three are possible

In a closed economy (a) GDP=GNP ; (b) GDP>GNP ; (c) GDP<GNP ; (d) All the three are possible

Description : In a closed economy (a) GDP=GNP ; (b) GDP>GNP ; (c) GDP

Last Answer : (a) GDP=GNP ; 

GDP is defined as (a) The market value of all goods and services produced in the domestic economy during the year ; (b) Current value of all the capital goods produced in the country. ; (c) Sum of goods and services exported during the year. ; (d) All the capital goods and consumable goods produced and sold during the year

Description : GDP is defined as (a) The market value of all goods and services produced in the domestic economy during the year ; (b) Current value of all the capital goods produced in the country. ; (c) ... during the year. ; (d) All the capital goods and consumable goods produced and sold during the year

Last Answer : (a) The market value of all goods and services produced in the domestic economy during the year ; 

In a market economy equilibrium price is reached at (a) Point of interaction of aggregate demand and aggregate supply curve; (b) At the top of demand curve ; (c) Midpoint of demand curve ; (d) Midpoint of supply curve

Description : In a market economy equilibrium price is reached at (a) Point of interaction of aggregate demand and aggregate supply curve; (b) At the top of demand curve ; (c) Midpoint of demand curve ; (d) Midpoint of supply curve

Last Answer : (a) Point of interaction of aggregate demand and aggregate supply curve;

In which sector of Indian economy will we find a high rate of disguised unemployment? (a) Service sector. ; (b) Agriculture sector. ; (c) Manufacture sector. ; (d) Mining sector.

Description : In which sector of Indian economy will we find a high rate of disguised unemployment? (a) Service sector. ; (b) Agriculture sector. ; (c) Manufacture sector. ; (d) Mining sector. 

Last Answer :  (b) Agriculture sector.

If the actual rate of unemployment exceeds to natural rate of unemployment then (a) Actual output of the economy will fall below its potential ; (b) Production will increase more than potential ; (c) Consumption of goods decreases; (d) Both (a) and (c) above.

Description : If the actual rate of unemployment exceeds to natural rate of unemployment then (a) Actual output of the economy will fall below its potential ; (b) Production will increase more than potential ; (c) Consumption of goods decreases; (d) Both (a) and (c) above.

Last Answer : (d) Both (a) and (c) above.

Natural rate of unemployment increases due to (a) General downturn in business activity ; (b) Changes in labor market ; (c) Structural changes in economy ; (d) Frequent changes of jobs by labor

Description : Natural rate of unemployment increases due to (a) General downturn in business activity ; (b) Changes in labor market ; (c) Structural changes in economy ; (d) Frequent changes of jobs by labor

Last Answer : (d) Frequent changes of jobs by labor

The slope of the consumption curve connotes (a) Average propensity to save ; (b) Marginal Propensity to consume ; (c) Marginal propensity to save ; (d) Level of consumption in the economy.

Description : The slope of the consumption curve connotes (a) Average propensity to save ; (b) Marginal Propensity to consume ; (c) Marginal propensity to save ; (d) Level of consumption in the economy. 

Last Answer : (b) Marginal Propensity to consume ;

In a closed economy savings are equal to ……………….. at the equilibrium level of income. (a) Investments ; (b) Wages ; (c) Income-Investments ; (d) Wages – Consumption

Description : In a closed economy savings are equal to ……………….. at the equilibrium level of income. (a) Investments ; (b) Wages ; (c) Income-Investments ; (d) Wages – Consumption

Last Answer : (a) Investments ;

If an economy is working at a point left to PPF curve it shows that……… (a) The economy is working at less than the full employment level ; (b) The economy is at full employment level ; (c) The economy is country is faced with excess production ; (d) There is glut of imports

Description : If an economy is working at a point left to PPF curve it shows that……… (a) The economy is working at less than the full employment level ; (b) The economy is at full employment level ; (c) The economy is country is faced with excess production ; (d) There is glut of imports

Last Answer : (a) The economy is working at less than the full employment level ;

If production possibility frontier is linear it implies (a) Constant opportunity cost ; (b) Economy is stagnant; (c) Underemployment of factor of production ; (d) With the increase in production, opportunity cost also increases

Description : If production possibility frontier is linear it implies (a) Constant opportunity cost ; (b) Economy is stagnant; (c) Underemployment of factor of production ; (d) With the increase in production, opportunity cost also increases

Last Answer : (a) Constant opportunity cost 

In a mixed economy which sector(s) is/ are found (a) Private Only ; (b) Public sector only ; (c) None ; (d) Both a and b

Description : In a mixed economy which sector(s) is/ are found (a) Private Only ; (b) Public sector only ; (c) None ; (d) Both a and b

Last Answer : (d) Both a and b

The aim of value education to inculcate in students is (A) the moral values (B) the social values (C) the political values (D) the economic values

Description : The aim of value education to inculcate in students is (A) the moral values (B) the social values (C) the political values (D) the economic values

Last Answer : (A) the moral values

Stock of both man made goods as well as natural resources like capital is called – (a) National wealth ; (b) National stock ; (c) No less no gain level ; (d) All the three

Description : Stock of both man made goods as well as natural resources like capital is called – (a) National wealth ; (b) National stock ; (c) No less no gain level ; (d) All the three

Last Answer :  (b) National stock ;

The opportunity cost of capital investment is (a) Sacrifice of current consumption ; (b) More consumption on luxury items; (c) Lower capital growth in future ; (d) Wastage of Resources

Description : The opportunity cost of capital investment is (a) Sacrifice of current consumption ; (b) More consumption on luxury items; (c) Lower capital growth in future ; (d) Wastage of Resources

Last Answer : (a) Sacrifice of current consumption

Which of these resources would be called as land in economics (a) Coal mines of Bihar ; (b) Water resources of Uttaranchal ; (c) Mineral deposits of Jharkhand; (d) All the three

Description : Which of these resources would be called as land in economics (a) Coal mines of Bihar ; (b) Water resources of Uttaranchal ; (c) Mineral deposits of Jharkhand; (d) All the three

Last Answer : (d) All the three

Economic order quantity is that quantity at which cost of holding and carrying inventory is: (a) Maximum and equal (b) Minimum and equal(c) It can be maximum or minimum depending upon case to case. (d) Minimum and unequal

Description : Economic order quantity is that quantity at which cost of holding and carrying inventory is: (a) Maximum and equal (b) Minimum and equal (c) It can be maximum or minimum depending upon case to case. (d) Minimum and unequal

Last Answer : (b) Minimum and equal

Which of the following is not an economic activity? (a) Painting for self use ; (b) Maintenance of Public Park by Local administration (c) Painting for commercial use ; (d) Running an Academic school

Description : Which of the following is not an economic activity? (a) Painting for self use ; (b) Maintenance of Public Park by Local administration (c) Painting for commercial use ; (d) Running an Academic school 

Last Answer : (a) Painting for self use ;