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- Question
Value added can be determined by
- Correct Answer
- Value added is determined by the difference between the price of product or service and the cost of producing it Added Value = Price that the product or service is sold at - cost of producing the product
- 1. A negative supply shock in the short run causes
Options- A. the aggregate supply curve to shift to the left
- B. unemployment to fall
- C. the aggregate supply curve to shift to the right
- D. the price level to fall Discuss
- 2. Unemployment would cause an economy to
Options- A. produce outside its production possibilities frontier
- B. produce inside it's production possibilities frontier
- C. produce on it's production possibilites frontier
- D. All of the above Discuss
- 3. The multiplier effect means that Discuss
- 4. 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
- 5. 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
- 6. Which tax uses the same rate for all income levels?
Options- A. Income tax
- B. Proportional tax
- C. Both A & B
- D. Service tax Discuss
- 7. In national income accounting, government purchases include
Options- A. Federal
- B. Local
- C. State
- D. All of the above Discuss
- 8. The largest expenditure component of GDP is
Options- A. Consumption
- B. Net exports
- C. Government spending
- D. Investments Discuss
- 9. Which taxes are included in GST?
Options- A. Taxes on lottery
- B. Sales/VAT tax
- C. Both A & B
- D. None of the above Discuss
- 10. A large underground economy results in an
Options- A. Understated GDP price index
- B. Understated GDP
- C. Overstated GDP
- D. Overstated GDP price index Discuss
Indian Economy problems
Search Results
Correct Answer: the aggregate supply curve to shift to the left
Explanation:
A negative supply shock in the sho rt run causes the aggregate supply curve to shift to the left.
Correct Answer: produce inside it's production possibilities frontier
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"
Correct Answer: The study of individual
Explanation:
Microeconomics is concerned with the study of individual firms, households, etc...
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: Proportional tax
Explanation:
Tax that uses the same rate for all income levels is proportional tax.
Correct Answer: All of the above
Explanation:
In national income accounting, government purchases by Local, State and Federal governments.
Correct Answer: Consumption
Correct Answer: Both A & B
Correct Answer: Overstated GDP
Explanation:
A large underground economy results in an Overstated GDP. The underground economy is also called as Black market. It refers to illegal economic activity. Transactions in the underground economy are illegal either because the good or service being traded is illegal or because an otherwise licit transaction does not comply with government reporting requirements.
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