economics trivia questions and answers

b) percentages. [-------- ----], The inefficient allocation of resources by a market economy is reffered to as ... ? What are the two major contexts for economic activity? Which items involve a microeconomic issue and which involve a macroeconomic issue? But in the case of Joint Hindu Family business there is no maximum limit to the number of members. © copyright 2003-2020 Study.com. The Administrative Reforms Commission has observed that “a comparison of the forecast made in the detailed project report of various steel plants, fertilizer project, heavy electrical plant, etc., shows the actual staff strength is much in excess of that estimated in the project reports.”.

are some of the examples of capital goods. In conclusion a reference may be made to the policy proposed in the Fourth Five Year Plan in relation to the operation of public sector enterprises. For example, if electricity rates are reduced, in the short-run, existing users of electrical appliances will make greater use of these appliances ultimately leading to a still greater demand for electricity. When does diversification become less productive? Prof. Galbraith in 1956 and the Estimates Committee in 1960 have recommended the establishment of larger companies in order to derive the benefits and economies of large-scale organization and management. Explain how scarcity and opportunity cost relate to each other. What does it measure? A shirt may last a year or two. C. pricing adopted by a b... What is the difference between microeconomics and macroeconomics and what is used more in society now? Conservatives usually favor increasing government spending to increase aggregate demand. The notion of scarcity reflects the idea that resources cannot be stretched to achieve all the goals that people desire. 2. Due to increased sales, a company is considering building three new distribution centers (DCs) to serve four regional sales areas. There is a scope for younger members of the family to get the benefit of knowledge and experience of elder members of the family. In economics history, what are the main ideas and contributions of the Austrian School? Are lizards from the same family as dinosaurs? The Estimates Committee has pointed that in India State undertaking are often treated as departments and offices of the government which are subject to all the usual red tape and procedural delays.

In other words, the liability of the Karta is unlimited.

b.

The technique for measuring the effect on value that is caused by differences in a single element of comparison is called: a) relatively simple analysis. Autonomous consumption = R285 million. 1. C. macroeconomists. Share Your PPT File, Notes on the Theory of Demand | Economics, Business: Meaning, Definitions, Characteristics, Objectives, Scope and Growth Strategies. Marxian Which of the following combinations of toothbrushes and hairbrushes could Zimbabwe not produce in 120 minutes? What is the definition of scarcity in economics?

How much does it cost to see a trichologist?

Long-run monopoly adjustments are of two types: If the monopolist operates on a single plant there may exist three possibilities – (i) If in the short-run the monopolist is incurring losses, he may make such adjustments in his plant as to stop losses in the long-run.

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