1) The fundamental concept of Economics about resources is that the resources are
2) Consider a world without scarcity of resources. Then what would be the consequences?
3) Who is considered the founder of Microeconomics?
4) Who is considered the founder of modern Macroeconomics?
5) When analyzing the impact of a variable on the economic system, the other things
6) Inputs are combined with technology to produce outputs. The fundamental inputs (also called factors of production) are
7) Goods produced to produce yet other goods is called
8) Which economic term is used to represent inequality in income distribution?
9) The value of the good or service forgone by choosing another investment is called
10) The central role of markets is to determine the
11) The branch of economics concerned with overall performance of the economy is known as
12) The branch of economics concerned with the use of statistical methods to obtain empirical results for economic relations is known as
13) The branch of economics concerned with the behavior of markets, firms, and households is known as
14) An economy is producing efficiently when no individualâ€™s economic welfare can be improved unless
15) Taxes are used to discourage __________ of a commodity.
16) Subsidies are used to encourage __________ of a commodity.
17) Which from the following economic resources cannot be converted into commodity?
18) Which from the following are features of a modern economy?
19) When no firm or consumer is large enough to affect the market price, the market is assumed to have
20) Which from the following are the results of imperfect competition in the markets?
21) When one event occurred before another event, the fallacy in economic reasoning that the first event caused the second event is called
22) When we assume that what is true for the part is also true for the whole, we are committing
23) The three fundamental economic problems every human society must confront and resolve are
24) The three fundamental economic problems of what, how, and for whom are solved by
25) Fiscal policy consists of government's
26) The maximum quantity of goods that can be efficiently produced by an economy using its scarce resources and available technology is called
27) Which economic term is used to measure the overall performance of an economy?
28) Productive efficiency occurs when an economy cannot produce _____ of one good without producing _____ of another good.
29) The concept of invisible hand in the organization of supply and demand in a well-functioning market mechanism refers to the
30) The increase in economic integration among nations is termed as
31) The price elasticity of demand is the percentage change in _____ demanded divided by the percentage change in _____.
32) When price of a commodity increased by 3%, the quantity demanded decreased by 5%. The quantity is said to have
33) When price of a commodity increased by 5%, the quantity demanded decreased by 3%. The quantity is said to have
34) When price of a commodity decreased by 4%, the quantity demanded increased by 4%. The quantity is said to have
35) The term â€œrecessionâ€ refers to the
36) What from the following measures a government can take to reduce inequality in the distribution of income?
37) Capital is one of the three fundamental inputs called factors of production which is a produced and durable input and is itself an output of an econom
38) The economic term used to rank countries according to human development is
39) The ultimate goal of economic science is to
40) In which from the following questions, we can only examine the likely consequences of alternative policies, and the answer can be resolved only by dis
41) The conflict of interest between owners of a company and the management of the company is termed as
42) The term â€œoligopolyâ€ means
43) In a monopolistic competition, a business finds its maximum-profit position where
44) In a perfect competition, maximum profit occurs where marginal revenue equals
45) A businessman or a company should accept investments that have _____ net present values.
46) Who was the father of Green Revolution
47) In the 16th 17th and 18th centuries is known as
48) The Green Revolution is also known as
49) When the period of Kharif crop star and when ends
50) The correlation efficient must be lie in the range from