Economics

Question 1

The word economics draws it’s origin from which word and country??

Answer 1

Greek word-
Oikonomia

Question 2

Adam smith’s 1st book/masterpiece was in which year and name it.

Answer 2

“An enquiry into the nature and causes of wealth of nations”

               YEAR--1776

Question 3

Meaning of Oikonomia

Answer 3

Household
OR
Management of household

Question 4

End-?
Means-?

Answer 4

End–wants
Means–resources

Question 5

Resources are absolutely (wholy) scarce or relatively (comparatively)??

Answer 5

Relatively scarce

Question 6

Heart of business economics??

Answer 6

Micro economics

Question 7

Location of industry is micro or macro concept??

Answer 7

Micro

Question 8

Factor pricing is micro or macro concept??

Answer 8

Micro

Question 9

Economic condition of a section of people is a micro or macro concept??

Answer 9

Micro concept

Question 10

Behavior of firms is a micro or macro concept??

Answer 10

Micro

Question 11

Another name for micro economics?

Answer 11

Price theory
Or
Slicing theory

Question 12

Till 19th century economics was known as??

Answer 12

Political economics

Question 13

Business economics is also known as what?? And why??

Answer 13

Managerial economics
Bcz it is the integration of economic theory with business practice

Question 14

Another name of capitalist economy??

Answer 14

1)Free market
2)Laissez faire
3)Market economy (only buyers & suppliers)

Question 15

Concept of socialist economy was first founded by??
And in their which book and which year??

Answer 15

Karl Marx and Frederic engels
BOOK– the Communists Manifesto
Year– 1848

Question 16

Law of demand is given by whom??

Answer 16

Prof. Alfred marshall

Question 17

Graph presentation–
X axis??
Y axis??

Answer 17

X axis– quantity demanded
Y axis– price

Question 18

Terms for these
1) Growing GDP
2) GDP stop in growing phase
3) declining GDP
4) Stop while declining

Answer 18

1) Expansion/ boom/ upswing
2) Peak of boom or prosperity
3) Contraction/ downswing/ recession
4) trough/ depression

Question 19

Turning points in a business cycle??

Answer 19

Peak and trough

Question 20

Economics is said to be overheated at which phase of business cycle??
And also state the phase where involuntary unemployment is at peak??

Answer 20

1) Contraction phase
(Overheated– supply > demand)
2) Contraction too

Question 21

What are types of economic indicators and what they tell us??

Answer 21

Economic indicators tell us ke konsa phase chl raha ha business ka

Types–
1) leading indicators
2) lagging indicators
3) coincidence or concurrent indicators

Question 22

Relation between leading and lagging indiactors

Answer 22

If leading indicator signal the onset of business cycle, lagging indicator confirm this trend

Question 23

Chain of indicators business cycle.

Answer 23

Consumer demand decrease (Leading)

Production decrease

Profits decrease

Employment decrease ((Lagging ind))

Question 24

Different names of production method
( national income)

Answer 24

1) Value added method
2) Inventory method
3) Output method
4) product method

Question 25

Mixed income of self employed?? ( National income)

Answer 25

Combined factor payments which are not distinguishable. Like there are labour income as well as capital income too

Question 26

Who calculates national income in India??

Answer 26

MOSPI -- Ministry of statistics and programme implementation | Dpt. | CSO-- Central statistics office | NAS-- National accounts statistics

Question 27

Ex ante? Ex post?

Answer 27

Ex ante-- expected Ex post-- happened

Question 28

AC>AR

Answer 28

Means that firm is making losses in the economy If that would be AVC > AR or TVC > TR then firm needs to shut down

Question 29

When elasticity is 0, more than 1 or less than 1 What are it's various cases related to price.

Answer 29

E=0 (extreme case of price insensitivity) Means no change in QD no matter the price E>1 (quantity demanded is relatively sensitive to price change) Means QD changes more E<1 (QD is relatively insensitive to price change) Means QD changes less as compared to price change E=1 (Means change in QD equals to change in price) E= infinity (small changes in price leads to change in QD)