Discussion
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- Question
The largest component of GDP is
Options- A. income
- B. wages
- C. consumption
- D. imports
- Correct Answer
- consumption
ExplanationConsumption is the largest component of GDP.
- 1. In calculating the GDP national income accountants
Options- A. add increases in inventories or subtract decreases in inventories
- B. add exports, but subtract imports
- C. Both A & B
- D. None of the above Discuss
- 2. 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
- 3. 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
- 4. 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
- 5. For economists, the word "utility" means
Options- A. pleasure and satisfaction
- B. purposefulness
- C. versatility and flexibility
- D. rationality Discuss
- 6. The goal of a market economy is to
Options- A. equity
- B. security
- C. Both A & B
- D. None of the above Discuss
- 7. Business fluctuations refer to
Options- A. the ups and downs in overall business
- B. expansion is rapid
- C. contraction is severe
- D. None of the above Discuss
- 8. Microeconomics is the study of
Options- A. Decisions of individual firms
- B. Decisions of individual households
- C. Decisions of individual consumers
- D. All of the above Discuss
- 9. Microeconomics is concerned with
Options- A. The electronics industry
- B. The study of individual
- C. The economy as a whole
- D. None of the above Discuss
- 10. The multiplier effect means that Discuss
Indian Economy problems
Search Results
Correct Answer: add increases in inventories or subtract decreases in inventories
Correct Answer: some consumers are willing to pay more than the equilibrium price but do not need to do so
Correct Answer: result in a movement downward along the aggregate demand curve
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: pleasure and satisfaction
Correct Answer: equity
Correct Answer: the ups and downs in overall business
Explanation:
Business fluctuations refer to the ups and downs in overall business activity measured by changes in national? income, employment and the price level.
Correct Answer: All of the above
Explanation:
Microeconomics is the branch or subset of economics that deals with the study of Decisions of individual firms, households and consumers.
Correct Answer: The study of individual
Explanation:
Microeconomics is concerned with the study of individual firms, households, etc...
Correct Answer: The multiplier effect means that "An effect in economics in which an increase in spending produces an increase in national income and consumption greater than the initial amount spent"
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