Given limited resources of labour, raw materials and time, economic agents have to decide what to produce. Most primitive economies concentrate on producing food and shelter — the basic necessities of life. However, with increased productivity, the economy has more available resources which can be used for non-necessary goods, such as leisure and education. In a free market, production is determined by market forces. Firms and entrepreneurs will produce goods in demand by consumers.
In a mixed economy, with government intervention, the government may decide to produce more public goods — which are not profitable but do improve economic welfare. The entrepreneur will try and produce goods for the most profitable and cost-effective method. This motivation is behind the growth of technology and more efficient production methods, such as the assembly line. A government may regulate production methods to limit damage to the environment.
In a free market, goods are provided for those with the ability to pay. This may be through a simple barter exchange or in more advanced economies through cash payments. In more altruistic societies, we may seek to produce goods and services for those, who may not be able to afford them.
For example, many western economies provide health care free at the point of use. I am trying to answer the entrance of university of economic Myanmar. So I am searching more about economic. Coefficients of income elasticity of demand provide insights into how recessions impact the sales of different consumer products.
A recession is defined as two or more consecutive quarters of falling real output, and is typically characterized by rising unemployment rates, lower profits for business firms, falling consumer incomes, and weaker demand for products.
In Decemberthe U. Because of a worsening mortgage debt crisis, the recession continued through and into When recession occurs and incomes fall, coefficients of income elasticity of demand help predict which products will experience more rapid declines in demand than other products.
Products with relatively high income elasticity coefficients are generally hit hardest by recessions. Those with low or negative income elasticity coefficients are much less affected. Products we view as essential tend to have lower income elasticity coefficients than products we view as luxuries.
When our incomes fall, we cannot easily eliminated or postpone the purchase of essential products. Output unit. Total cost 1. AVC 1. I want to know the method too …. Could you help me with this question?Stonks face emoji
What is the effect of this on the demand for labour? When more than required number of people are working in the same piece of land without contributing to N. Suppose a perfectly competitive industry can produce Roman candles at a constant marginal cost of R12 per unit. Once industry is monopolized, marginal costs rise to R16 per unit because R4 per unit must be paid to lobbyists to ensure that only this firm receives a Roman candle license.
Suppose the market demand for Roman candles is given by. The fundamental economic problem is one of scarcity. The basic questions of economics become: What to produce?Dumped quotes funny
How to produce? For whom to produce? You could also add When to produce?Today, 3 to 4 questions are seen from the Economics section in every compitetive exam. This is the right time before the exam to pay attention to your weak side. Also we will request you to share this pdf with your friends too. In this session today, we have come with more than questions and answers from the Economics section.
You can practice these questions before the exam. So that you can solve all the questions from Economics.
Here we have come with a collection of questions from Economics section in English which is going to be very useful for you. If you are preparing for any government exam, then we would advise you to download this PDF and give a right direction to your study.
All these questions have been asked in previous year. Below we have shown some questions from this pdf. You can download the PDF after reading these questions. All the questions are in English and we will bring it in Hindi soon. We have also attached some more study material below.
You can also download them and prepare. National Development Council was set up in:. Economic Planning is a subject: [Asstt Grade ].Brausearmatur ideal standard
The National Development Council gets its administrative support from:. Planning in India derives its objectives from:. The concept of Five Year Plans in India was introduced by. India has: [CDS ].Multiple Choice. Identify the letter of the choice that best completes the statement or answers the question. The GDP deflator is.
According to the loanable funds framework, if businesses see new opportunities to expand capacity by building new factories, the likely effect will be that:. Interest rates decrease due to an increase in borrowing. Interest rates decrease due to a greater amount of saving. There will be no change in interest rates.
Economics Sample Exams
The total quantity of borrowing and lending will fall. None of the above.
A full-time student who did not have a job and was not looking for work would be categorized as. Which of the following statements is consistent with the theory of liquidity preference? When the Federal Reserve Board of Govenors increases the money supply faster than usual, interest rates fall. When the Federal Reserve Board of Governors increases the money supply faster than usual, interest rates rise.
Multiple choice questions
None of the above statements are correct. An open market purchase is where the Fed. All of the following would cause a rightward shift in the short-run aggregate-supply curve except. Which of the following is not an example of monetary policy? Purchasing of government bonds in an open market operation.
Following the Great Recession, public finance remains high on the global policy agenda. The expansionary monetary policy and quantitative easing of the major central banks, including the latecomer European Central Bank ECBhave taken immediate collapse off the agenda and provided a lifeline to the world economy.
Yet, without lowering debt and ensuring sustainable fiscal systems including in a social sense two risks emerge: either the system cracks, or at best, growth is too slow for structural changes required. And without reducing structural and long-term unemployment, the social consensus to address the fiscal problem cannot be created.
This leads the work towards three critical questions focusing, respectively, on economic growth, public finance and social security. The starting point is that one cannot really discuss public finance without discussing growth — sustainable growth. By definition, economic activity measured in GDP is the denominator measuring the burden public expenditure and public debt create in an economy; thus, stronger and sustained GDP growth is essential for sustainable public finances and social security systems.
These factors are intimately intertwined and affect each other, which is why they make up the key elements in the equation that defines economic and social success. What kind of policy mix of monetary policy, fiscal policy and structural reforms can support stronger and more sustainable growth? Many underline demand-side weaknesses and the constraints low inflation creates for monetary policy to keep activity close to the potential.
Others refer to supply-side barriers, due to demographics and weakening impact of technological change on total factor productivity. While Europe was the epicentre of the crises in and returned to the forefront in early with the victory of Syriza in Greeceit is important to take a global perspective.
The emerging market economies, particularly China, India and Brazil, were able to grow throughout the financial crisis. What can we learn from the policy choices of the emerging economies?
What can we learn from the experience of the Asian financial crisis in the late s, especially on how the majority of Asian countries put their fiscal houses in order and maintained solid growth rates during the recent crisis?
Did the US combination of the early financial repair and expansive monetary policy bring better results than the half-hearted monetary stimulus and delayed financial repair of the Eurozone? What lessons are there to be learned from comparing Europe and the United States in the current debate on sustainable growth? Did the UK policy mix of expansive monetary policy and rigorous fiscal policy defy the critics and bring the economy back to growth better than they expected?
This issue may have played a key role in the story of European economic policy in the wake of the financial crisis. Would robust fiscal consolidation in the early years of the crisis, while necessary to restore confidence, have had much less negative impact on short-term growth in case the ECB had started its outright monetary transactions OMT and quantitative easing QE earlier than in the autumn of ?
But these elements were fundamentally intertwined. OMT promised monetary easing but required fiscal discipline.
Moreover, if the ECB had not taken decisive action, Eurozone member states could not have slowed down the pace of fiscal consolidation, now focusing on the structural balance of public finances over the medium term, which has less negative impact on short-term growth. Structural reforms in member states in product and labour markets have been equally important. Of course, the recovery in Europe is still relatively slow, although it has been recently strengthening despite external headwinds.
Moreover, the Eurozone needs to pursue further reform of its governance and especially implement its recent reforms, such as the banking union. The quality of fiscal adjustment has been a subject of long-standing academic and policy debate. For instance, during the Eurozone debt crisis the European Commission advocated, as a rule of thumb but based on empirical evidence of growth impact in the EU member states, to do two-thirds of fiscal consolidation by expenditure cuts and one-third by tax increases.
Meanwhile, the OECD  has suggested a method for choosing the instruments of consolidation so that they contribute to — or minimize trade-offs with — the goals of promoting near-term activity, long-term growth, income equality and global rebalancing.
Simulations based on data from 31 countries point out that half of OECD countries can reduce excessive public debt mainly through moderate adjustments in instruments that have limited side-effects on growth, such as subsidies, pensions or property taxes.
A smaller group of countries face more difficult choices and must do larger fiscal adjustment through expenditure cuts and tax increases while trying to minimize their negative side-effects. The OECD underlines the significance of structural reforms to counter and mitigate the negative effects on medium-term growth.This is a brief economics practice quiz. Human wants are unlimited, but the resources used to meet them are scarce. This, therefore, means that organizations and governments need to know how to use these resources and meet human wants.
Economics gives us an idea of how to do it. This practice test is for reviewing on your economics knowledge. You can attempt it as often as you like.
Your scores will not be recorded. All the best! Search Speak now. A Brief Economics Practice Quiz! Questions All questions 5 questions 6 questions 7 questions 8 questions 9 questions 10 questions 11 questions 12 questions 13 questions 14 questions 15 questions 16 questions 17 questions 18 questions 19 questions 20 questions 21 questions 22 questions 23 questions 24 questions 25 questions 26 questions 27 questions. Feedback During the Quiz End of Quiz. Play as Quiz Flashcard.
Questions and Answers. Remove Excerpt. Removing question excerpt is a premium feature. What is an economic or productive factor required to accomplish an activity? What is it called when you have limited quantities of resources used to meet unlimited wants?
What is a social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society? What is the desire to own something and the ability to pay for it called? What is the study of economic behavior and decision makings of small units, such as individuals, families, and businesses called?
What is a market structure in which many companies sell products that are similar but not identical? At full capacity, the KIA plant should produce how many vehicles per year? When a state agrees to lower a tax rate for one corporation so that the corporation builds a plant or factory in that state, it is an example of what? Related Topics.
More Economics Quizzes.What determines economic growth? Why does output fluctuate? Why do we have inflation and why is it a problem? Why do we have unemployment and why is it a hindrance to the economy? Do you think you have what it takes to answer these questions?
For the Macroeconomics aficionado, nothing could be better than an economic-based challenge! Take our amazing quizzes and let us determine how much of an Economics whiz you are! We will provide you with an absolutely unique equilibrium of fun and learning experience!
For all we know, you could be the next Adam Smith of our generation. We know you can do this with ease! Try it right now and release yourself from the scarcity of information! Speak now. Do you need some practice for an upcoming assignment or test? Do you wanna test Sample Question.
Measured by excluding some of the sectors. Change in price level from base year to current year. None of the above. Macroeconomics Exam Review. Increases in the labor force.
Increases in labor productivity. Increases in interest rates. Increases in consumer spending. Macroeconomics [ch 16]. Unit of account. Store of value. Hedge against inflation. Medium of exchange. Macroeconomics [ch. A balanced trade economy. An export economy. An import economy.
A closed economy. An open economy. How to make money in the stock market. How to operate a business successfully. The allocation of scarce resources in an effort to satisfy wants that are virtually unlimited.
The methods business firms use to reduce their costs of production.We were thrilled and have already passed along your website to friends. Thank you so much for planning such a spectacular holiday for us. We plan to return and would love to work with NV again.
We've been all around the world and agree that Iceland is at the top of our favorites. Hi Erla and Bjorg, I just wanted to drop you a quick note to let you know what a wonder time we had because you did such a good job setting up our trip. You have a beautiful country and wonderful Icelanders. Everyone was gracious, warm and welcoming.Kybook 3 review
We really enjoyed the snorkeling and the boat ride. We especially enjoyed stumbling onto the festivals. While in Norourland Eystra, stayed Daeli, we saw a Icelandic singer with a wonderful voice, Egill Olafsson in some ancient ruins at night that took our breath away. And while in Grundafjordur we saw a parade of four colors with music and fun afterwards until 11:30 pm. It was cold to us but we stuck it out.
Myvatn Natural Baths were fantastic.Question Words in English
We did not want to get out. The people at Nordic Visitor in Iceland are terrific. The trip was well planned with good Accommodations and excellent sightseeing adventures. I would highly recommend Nordic Visitor. Also, Erla and Bjorg. Erla made all the itinerary and Bjorg greeted us at the Nordic Visitor office.
Bjorg spent an hour with us happily and professionally going over everything. Uei and I returned to the U. I just wanted to tell you how much we enjoyed our trip and appreciate everything you did for us. Especially re-booking our hotels due to the volcanic eruption. Iceland is a beautiful country and we hope to return in the future. Lots of options with complete flexibility. Communication with Erla (the travel consultant) has been fantastic.
We enjoyed every second of our holiday. The preparation from your side was so absolutely professional, so excellent and brilliant. I already plan to come again next year, either 10-14 days on my own, or for a sort of same trip with my brother.
Once again: our warmest thank you so much for the preparation of this trip. And you know we have met other customers of yours who said the same. Dear Maria We both just wanted to write to thank you so much for your efforts in organizing our honeymoon to Iceland.
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