Using part of income/saving for more income is called_________________?
A. Investment
B. Busyness
C. Consumption
D. Entrepreneurship
Agricultural economics
All goods and services produced in a country in one year are called its__________________?
All goods and services produced in a country in one year are called its__________________?
A. GNP
B. GDP
C. NDP
D. None of these
“Wealth of nations” was written by_________________?
“Wealth of nations” was written by_________________?
A. Lewis
B. Rostow
C. Keynes
D. Adam Smith
An analytic approach in which we move from general to particular from theory to facts is_________________?
An analytic approach in which we move from general to particular from theory to facts is_________________?
A. Induction
B. Deduction
C. Specification
D. None
The process of deriving principles is called___________________?
The process of deriving principles is called___________________?
A. theoretical economics
B. Economics analysis
C. Both A. and B.
D. None of these
The households and the business firms of the economy are called__________________?
The households and the business firms of the economy are called__________________?
A. Public sector
B. Ptivate sector
C. Govt sector
D. None
A measure of average output or real output per unit of input is called____________________?
A measure of average output or real output per unit of input is called____________________?
A. Efficiency
B. Production
C. Productivity
D. None
A market in which products households sell and firms buy resources or the services of resources is__________________?
A market in which products households sell and firms buy resources or the services of resources is__________________?
A. Resource market
B. Product market
C. Consumer market
D. Producer market
The price paid for the use of services of labour per unit of time is called__________________?
The price paid for the use of services of labour per unit of time is called__________________?
A. Salary
B. Income
C. Wage
D. All
Failure to use all available economic resources to produce goods and services is called__________________?
Failure to use all available economic resources to produce goods and services is called__________________?
A. Unemployment
B. Underemployment
C. Inflation
D. Deflation