{"id":10145,"date":"2024-07-10T11:10:03","date_gmt":"2024-07-10T10:10:03","guid":{"rendered":"https:\/\/mcqsadda.com\/?p=10145"},"modified":"2024-07-17T12:03:20","modified_gmt":"2024-07-17T11:03:20","slug":"basics-of-economics-set-1","status":"publish","type":"post","link":"https:\/\/mcqsadda.com\/index.php\/2024\/07\/10\/basics-of-economics-set-1\/","title":{"rendered":"Basics of Economics Set &#8211; 1"},"content":{"rendered":"\n<h1 class=\"wp-block-heading has-text-align-right has-vivid-purple-color has-text-color has-link-color has-larger-font-size wp-elements-9b78e0b7db92d40eb91e5c2d76217a1a\">Prev       <strong><a href=\"https:\/\/mcqsadda.com\/index.php\/2024\/07\/10\/basics-of-economics-quiz-1\/\">1<\/a>        2        3        4       <a title=\"\" href=\"https:\/\/mcqsadda.com\/index.php\/2024\/05\/06\/noun-set-5\/\"> <\/a>5<\/strong>       Next<\/h1>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-vivid-green-cyan-background-color has-background has-text-align-left wp-element-button\" href=\"https:\/\/mcqsadda.com\/index.php\/2024\/07\/10\/basics-of-economics-quiz-1\/\">mock test<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>1. What do you mean by the supply of goods?<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. Stock available for sale<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B.  Total stock in the warehouse<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. The actual production of the goods<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. Quantity of the goods offered for sale at a particular price per unit of time<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER: D.Quantity of the goods offered for sale at a particular price per unit of time<BR>\nSOLUTION :A supply of goods includes the following: the transfer of ownership of goods by agreement. the sale of movable goods on a commission basis by an auctioneer or agent.\nMoscow<\/p>\n<\/div>egin\n\n\n\n<h2 class=\"wp-block-heading\"><strong>2. <strong>What do you mean by \u2018under conditions of a perfect competition in the product market\u2019?<\/strong><\/strong><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>A. MRP = VMP<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B.  MRP &gt; VMP<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. VMP &gt; MRP<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. None of the above<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER:A.MRP = VMP <BR>\nSOLUTION: \nAll firms sell an identical product (the product is a commodity or homogeneous). All firms are price takers (they cannot influence the market price of their products).<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>3. Which of the following is the relation that the law of demand defines?<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. Income and price of a commodity<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. &nbsp;Price and quantity of a commodity<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. &nbsp;Income and quantity demanded<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. Quantity demanded and quantity supplied<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER : B.Price and quantity of a commodity<BR>\nSOLUTION: \nThe Law of Demand is one of the most fundamental concepts in economics. It works with the law of supply to explain how market economies allocate resources and determine the prices of goods and services that we observe in everyday transactions.<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>4. <strong>What do you mean by a mixed economy?<\/strong><\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. Modern and traditional industries<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. Public and private sectors<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. Foreign and domestic investments<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. Commercial and subsistence farming<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER: B.Public and private sectors<BR>\nSOLUTION: \nA mixed economy is a system that combines elements of both a market economy and a command economy. In a mixed economy, some resources and businesses are privately owned while others are owned by the government, and both free markets and government intervention play a role in economic decision-making.<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>5. &nbsp;What do you mean by the demand of a commodity?<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. Desire for the commodity<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. Need for the commodity<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C.  Quantity demanded of that commodity<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. Quantity that consumers are able and willing to buy at various prices during any particular period of time<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER: D.Quantity that consumers are able and willing to buy at various prices during any particular period of time<BR>\nSOLUTION: \nDemand for a commodity refers to amount of the commodity demanded at a particular price and at a particular time.<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>6. &nbsp;What do you mean by Gross National Product?<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A.  The total value of goods and services produced in the country<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. The total value of all the transactions in the country<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. The depreciation in the total value of goods and services produced in the country<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. The total value of goods and services produced in the country and the net factor income from abroad<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER: D.The total value of goods and services produced in the country and the net factor income from abroad<BR>\nSOLUTION: \nThe total value of goods and services produced in the country and the net factor income from abroad.<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>7. <strong>Which of the following is\/are linked with the financial sector of India and controlled by the Reserve Bank of India (RBI)?<\/strong><\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. Commercial bank<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B.  Money lenders<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. Stock exchange operations<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. All of the above<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER: C.Stock exchange operations<BR>\nSOLUTION :\nThe entities linked with the financial sector of India and regulated by the Reserve Bank of India (RBI) are the commercial banks and stock exchange operations.\n<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>8. &nbsp;When price floor is set above equilibrium price it will result in?<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. Shortage<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. Surpluses<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. Equilibrium<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. None of the above<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER: B.Surpluses<BR>\nSOLUTION:\nWhen a price floor is set above the equilibrium price, the quantity supplied will exceed the quantity demanded, and excess supply or surpluses will result.<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>9. What is Gross Domestic Product?<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. The total value of goods and services manufactured in the country<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. The total value of all the transactions in the country<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. The reduction in the total value of goods and services produced in the country<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. The monetary value of all finished goods and services made within a country during a specific period.<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER: D.The monetary value of all finished goods and services made within a country during a specific period.<BR>\nSOLUTION: \nthe total value of goods produced and services provided in a country during one year.\n<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>10. <strong>What is the main economic problem faced by the society?<\/strong><\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. Unemployment<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. Inequality<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. Poverty<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. Scarcity<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER: D.Scarcity<BR>\nSOLUTION:\nThe fundamental problem in economics is the issue with the scarcity of resources but unlimited wants. Economics has also pointed out that a man&#8217;s needs cannot be fulfilled. The more our needs are fulfilled, the more wants we develop with time. By definition, scarcity implies a limited quantity of resources.\n<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-vivid-green-cyan-background-color has-background has-text-align-left wp-element-button\" href=\"https:\/\/mcqsadda.com\/index.php\/2024\/07\/10\/basics-of-economics-quiz-1\/\">mock test<\/a><\/div>\n<\/div>\n\n\n\n<h1 class=\"wp-block-heading has-text-align-right has-vivid-purple-color has-text-color has-link-color has-larger-font-size wp-elements-9b78e0b7db92d40eb91e5c2d76217a1a\">Prev       <strong><a href=\"https:\/\/mcqsadda.com\/index.php\/2024\/07\/10\/basics-of-economics-quiz-1\/\">1<\/a>        2        3        4       <a title=\"\" href=\"https:\/\/mcqsadda.com\/index.php\/2024\/05\/06\/noun-set-5\/\"> <\/a>5<\/strong>       Next<\/h1>\n","protected":false},"excerpt":{"rendered":"<p>Prev 1 2 3 4 5 Next 1. What do you mean by the supply of goods? A. Stock available for sale B. Total stock in the warehouse C. The actual production of the goods D. Quantity of the goods offered for sale at a particular price per unit of time ANSWER &#038; SOLUTION ANSWER:<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[5654,5655,5646,4029,5649,5652,5433,5436,5437,5432,5440,5441,5439,5435,5438],"class_list":{"0":"post-10145","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economics","7":"tag-economics-mcqs-for-sda-fda-pdo-vao-banking-kas-ias-ssc-gd-ssc-chsl-ssc-cgl-for-all-compitative-exams","8":"tag-economics-mcqs-for-sda-fda-pdo-vao-banking-kas-ias-ssc-gd-ssc-chsl-ssc-cgl-for-all-compitative-examsin-kannada","9":"tag-exam-veda","10":"tag-mcqs-adda","11":"tag-mcqs-for-pc-psi-sda-fda-pdo-vao-banking-kas-ias-ssc-gd-ssc-chsl-ssc-cgl-for-all-compitative-exams","12":"tag-mcqs-for-pc-psi-sda-fda-pdo-vao-banking-kas-ias-ssc-gd-ssc-chsl-ssc-cgl-for-all-compitative-examsin-kannada","13":"tag-what-do-you-mean-by-under-conditions-of-a-perfect-competition-in-the-product-market","14":"tag-what-do-you-mean-by-a-mixed-economy","15":"tag-what-do-you-mean-by-the-demand-of-a-commodity","16":"tag-what-do-you-mean-by-the-supply-of-goods","17":"tag-what-is-gross-domestic-product","18":"tag-what-is-the-main-economic-problem-faced-by-the-society","19":"tag-when-price-floor-is-set-above-equilibrium-price-it-will-result-in","20":"tag-which-of-the-following-is-the-relation-that-the-law-of-demand-defines","21":"tag-which-of-the-following-is-are-linked-with-the-financial-sector-of-india-and-controlled-by-the-reserve-bank-of-india-rbi"},"_links":{"self":[{"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/posts\/10145","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/comments?post=10145"}],"version-history":[{"count":3,"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/posts\/10145\/revisions"}],"predecessor-version":[{"id":10427,"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/posts\/10145\/revisions\/10427"}],"wp:attachment":[{"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/media?parent=10145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/categories?post=10145"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/tags?post=10145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}