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- Question
Globalization has the largest effect on
Options- A. Politics
- B. Economy
- C. Employment
- D. Business
- Correct Answer
- Economy
ExplanationGlobalization has the largest effect on the economies. Globalisation is the process of interaction and integration between people, companies, and governments worldwide.
- 1. A basic concept in economics is that all resources are
Options- A. Valuable
- B. Limited
- C. Renewable
- D. Allocated Discuss
- 2. A trial balance is prepared to
Options- A. measure credits
- B. measure debits
- C. measure credits = debits are not
- D. None of the above Discuss
- 3. The law of supply indicates that, other things equal
Options- A. sellers will offer more of a product at low prices than at high prices.
- B. buyers will purchase less of a good at high prices than at low prices.
- C. Sellers will offer more of a product at high prices than at low prices.
- D. the product supply curve is downward sloping. Discuss
- 4. Which of the following is not a prime cost?
Options- A. Supervisor's wages
- B. Assembly line wages
- C. Machine operators wages
- D. Direct labor wages Discuss
- 5. What was one outcome of laissez faire economic policies?
Options- A. Poverty traps that cannot be escaped through free choice
- B. Monopoly power that emerges naturally in the market and allows businesses to exploit consumers
- C. Businesses pay workers low
- D. All of the above Discuss
- 6. An improvement in technology would shift
Options- A. the demand curve rightward
- B. the supply curve rightward
- C. the supply curve leftward
- D. the demand curve leftward Discuss
- 7. For economists, the word "utility" means
Options- A. pleasure and satisfaction
- B. purposefulness
- C. versatility and flexibility
- D. rationality Discuss
- 8. An increase in demand means that
Options- A. the demand curve shifts to the right
- B. consumers desire a greater quantity
- C. Both A & B
- D. None of the above Discuss
- 9. A decrease in the price level will
Options- A. result in a movement downward along the aggregate demand curve
- B. shift the aggregate demand curve to the right
- C. result in a movement upward along the aggregate demand curve
- D. shift the aggregate demand curve to the left Discuss
- 10. Consumer surplus arises in a market because
Options- A. some consumers are willing to pay more than the equilibrium price but do not need to do so
- B. some consumers are willing to pay less than the equilibrium price but do not need to do so
- C. at market price, the quantity demanded is less than the quantity supplied
- D. at market price, the quantity demanded is greater than the quantity supplied Discuss
Indian Economy problems
Search Results
Correct Answer: Limited
Explanation:
The basic concept in economics is that all resources are limited.
Correct Answer: measure credits = debits are not
Correct Answer: Sellers will offer more of a product at high prices than at low prices.
Correct Answer: Supervisor's wages
Explanation:
The prime cost calculates the use of raw materials and direct labor, but does not factor in indirect expenses, such as advertising and administrative costs.
Supervisor's wages doesn;t come under prime cost.
Correct Answer: All of the above
Explanation:
Laissez-faire is simply a way to describe a government's hands-off approach to economic policies. This approach was particularly prevalent in the United States at the turn of the 20th century, which led to numerous issues within American manufacturing.
There are many outcomes of laissez-faire economic policies. Some of the outcomes of laissez-faire economics were:
* Businesses pay workers low.
* Pollution of air and water.
* Poverty traps that cannot be escaped through free choice.
* General glut that results from overproduction or underconsumption
* Monopoly power that emerges naturally in the market and allows businesses to exploit consumers.
* Exploitation of the working class that pushes wages down to subsistence and compels laborers to work in harsh and unsafe conditions.
* External economies that generate situations where desirable goods are underproduced on the market, and undesirable goods are overproduced on the market.
* Public goods that are not supplied by the market due to free-rider problems.
Correct Answer: the supply curve rightward
Explanation:
An improvement in technology would shift the supply curve rightward.
Correct Answer: pleasure and satisfaction
Correct Answer: Both A & B
Explanation:
An increase in demand means that the demand curve shifts to the right, and hence quantity demanded will be high at each price.
Correct Answer: result in a movement downward along the aggregate demand curve
Correct Answer: some consumers are willing to pay more than the equilibrium price but do not need to do so
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