An enquiry into the nature and causes of the wealth of the nation : A.C.Pigou.
Science which deals with wealth : Alfred Marshall.
Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses : Robbins.
The range of our enquiry becomes restricted to that part of social welfare that can be brought directly or indirectly into relation with the measuring rod of money : Adam Smith.
Does not apply to rich, developed countries.
Applies only to the less developed countries.
Implies that consumers wants will be satisfied in a socialistic system.
Implies that consumers wants will never be completely satisfied.
Inflation and unemployment in a growing economy.
Business decision making under foreign competition.
Individual and social choice in the face of scarcity.
The best way to invest in the stock market.
Not all wants can be satisfied.
We will never be faced with the need to make choices.
We must develop ways to decrease our individual wants.
The discovery of new natural resources is necessary to increase our ability to satisfy wants.
One's choices be arrived at logically and without error.
One's choices be consistent with one's goals.
One's choices never vary.
One makes choices that do not involve trade-offs.
Planned economies allocate resources via government departments.
Most transitional economies have experienced problems of falling output and rising prices over the past decade.
There is a greater degree of consumer sovereignty in market economies than planned economies.
Reducing inequality should be a major priority for mixed economies.
None of the above
An analysis of the relationship between the price of food and the quantity purchased.
Determining how much income each person should be guaranteed.
Determining the 'fair' price for food.
Deciding how to distribute the output of the economy.
In deductive method logic proceeds from the particular to the general.
Micro and Macro-Economics are interdependent.
In a capitalist economy, the economic problems are solved by Planning Commission.
Higher the prices lower is the quantity demanded of a product is a normative statement.
Determining the GNP of India.
Finding the causes of failure of X and co.
Identifying the causes of inflation in India.
Analyse the causes of failure of industry in providing large scale employment.
Cannot be increased in quantity.
Do not exist in adequate quantity to satisfy social requirements.
Are of primary importance in satisfying social requirements.
Are limited to man made goods.
Per capita income of India.
Underemployment in agricultural sector.
Lock out in TELCO.
Total savings in India.
Votes taken by consumers
A central planning authority.
The level of profits of firms.
Income will tend to be unevenly distributed.
Significant unemployment may occur.
It cannot prevent the wastage of scarce economic resources.
Profits will tend to be low.
All economic decisions are taken by the central authority.
All economic decisions are taken by private entrepreneurs.
Economic decisions are partly taken by the state and partly by the private entrepreneurs
None of the above.
Comparing the success of command versus market economies.
Guaranteering that production occurs in the most efficient manner.
Guaranteering a minimum level of income for ev^ry citizen.
Allocating scarce resources in such a manner that society's unlimited needs or wants are satisfied as well as possible.
Resources are employed in their most highly valued uses.
The best resources are employed.
The total number of goods produced is greatest.
Goods and services are produced at least cost and no resources are wasted.
As the production of a good increases, the opportunity cost of that good rises.
As the production of a good increases, the opportunity cost of that good falls.
Opportunity costs are constant.
The economy is not at full employment when operating on the PPF.
Points outside the PPF.
Points inside the PPF.
Points on the PPF.
Either points inside or outside the PPF.
An increase in investment in capital stock.
A reduction in the labour unemployment rate.
The discovery of new oil deposits in India.
An increase in the number of people taking management training courses.
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