Government Exam Economics Question and Answers.
1.Basic human needs – shelter, food, clothing.
2. What is required to produce food – grains, rice, wheat,
labor of tillers.
3. Three main divisions of economy – 1. Consumption, 2.
Distribution, 3. Production.
4. Necessity of Economic Knowledge – Economic knowledge is
very essential to prepare the annual budget of Central and State Governments.
5. When there is more stock in the market, the price falls.
6. Indian Nobel laureate for economics Amartyasen.
7. Price vibrates when supply to the market decreases.
8. Earnings of all citizens - National revenue.
9. Buyer and seller of goods – merchant.
10.Economic knowledge is essential to achieve
self-sufficiency.
11. Food, shelter, clothing – basic needs.
12. The first profession found by man was teaching.
13. When some commodities are overstocked in the market,
their prices fall.
14. Money is used by us to sell, buy and save.
15. If we save money. And home. Good for the country.
16. Education is needed for the development of knowledge.
17.Income from an individual - Individual income.
18. Market is the place where buying and selling takes
place.
19. Economics is a social science.
20.Factors of production are of four types.
21. Labor cannot be separated from the worker.
22. Capital in general means money.
23. Innovation is what entrepreneurs always do.
24. Interest paid first.
25. Investment in education is called human capital.
26. Wages are the reward given to labor as a factor of
production.
27. More than 80 percent of workers in the United States
belong to the dependent sector.
28. Agriculture is the primary sector.
29.Production is the creation of utility.
30. Power to meet production requirements.
31. Land and labor are called real factors.
32. Land is a gift of nature.
33. Capital and industrial organization are acquired
factors.
34. Adam Smith introduced division of labor.
35. An entrepreneur is a doctor of social change.
36. Secondary sector is also
known as manufacturing sector.37. The dependent sector of society is the service sector.
38. Adam Smith authored "An Inquiry into the Wealth of
Nations and their Nature".
40. Adam Smith is called the father of economics.
41. The reward for entrepreneurship is profit.
42. Industry is an acquired factor.
43.Profit is the motive of producers.
44. Any work done for pleasure is not labour.
45. In economics, all the gifts of nature are called land.
46. Application is the completion of options.
47.Economics is the science of wealth.
48. Buildings and machinery are material capital.
49. It was Walker who said that only money can meet the
demand for money.
50. Valuation of money is based on consumption capacity.
51. Money is a future payment.
52. An interventional instrument is one that measures the
value of goods and simplifies economic calculations.
53. Savings is the unspent portion of money.
54. Money is the most important of human inventions.
55. The Latin name for money is manata.
56. The main function of Punam is to act as a mediating
tool.
57. Saving one's property in cash is easy.
58. Saving is essential for capital formation and economic
growth.
61.Saving underpins economic growth.
63.Barter System – Obtaining one thing in exchange for
another thing.
64. There is an inverse relationship between price and
demand.
65. Law of demand applies only to very cheap goods.
66. Price of factors of production is one of the
determinants of demand.
67. Supply is the quantity of a commodity offered for sale
at a given price.
68. Desire with purchasing power is called demand in economics.
69. For commodities whose price rises as the demand rises Eg: Rice.
70. The law of supply explains the relationship between
price and supply.
71. One of the factors that can affect supply is factor prices.
73. The people who buy the product are called consumers.
74.Price is the major determinant of demand.
72. Law of supply is the main factor determining price
supply.
75. Law of demand states that if price rises, demand falls.
76. The law of supply states that when price increases,
supply also increases.
77. The law of demand explains the inverse relationship
between price and demand.
78.Alfred Marshall said that the quantity demanded increases
as the price falls.
83. Equilibrium price equalizes supply and demand among the
following.
84. The period during which supply is constant is very
short.
85. Marshall classified the period in equilibrium into three
categories.
86.Determinant factor of price in store period required.
87. The short period of time during which supply can be
adjusted somewhat in response to changes in demand.
89. Supply is constant during the store period.
90. Marshall explained the role of time in equilibrium price. 91. Short run or store period is the period when supply cannot be changed according to change in demand.
92. Another name for National Income is - Gross National Product.
93.Methods of calculating national income – 3 methods.
94. Net Domestic Product is - Gross Domestic Product (-) Depreciation
96. PRIMARY DEPARTMENT means - Department of Agriculture.
97. Computation of national income is – total value of goods and works.
98. National income under expenditure method is – calculated on the basis of expenditure.
99. National income is calculated based on the income system.
100. Per capita income is indicative of - people's livelihood.
No comments:
Post a Comment