Economics | Study Mode

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Question 1
A
production is inadequate 
B
resources have alternative uses 
C
new wants always rise 
D
resources are limited 
Explanation.
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It means that people never get enough, that there's always something else that they wouldwantor need.Unlimited wantsand needs are one half of the fundamental problem of scarcity that has plagued humanity since the beginning of time. The other half of the scarcity problem is limited resources.


Correct Option:
C
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Question 3
A
determined by the forces of demand and spply 
B
driven by profit motive 
C
determined by consumers 
D
the responsibility of state's bureaucrats 
Explanation.
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No official Explanation yet!


Correct Option:
D
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Question 4
A
Collective ownership of productive resources 
B
Freedom of enterprise 
C
production is not based on the profit motive 
D
Maximization of public welfare 
Explanation.
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No official Explanation yet!


Correct Option:
D
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Question 6
A
sellers are willing to sell more at a lower price 
B
sellers are indifferent to prices 
C
sellers are willing to sell more at a higher price 
D
there is always a fixed supply 
Explanation.
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No official Explanation yet!


Correct Option:
A
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Question 7
A
an expansionary monetary policy 
B
a restrictive monetary policy 
C
an increased wage policy 
D
a deficit financing policy 
Explanation.
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No official Explanation yet!


Correct Option:
A
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Question 8
A
by the nationals of a country resident within the country 
B
from prouctive activities of nationals of a country both at home and abroad 
C
when personal income tax is deducted from personal income 
D
when the gross income of an individual is added to person income tax 
Explanation.
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No official Explanation yet!


Correct Option:
C
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Question 10
A
banks, schools and hospitals 
B
workers, producers and marketers 
C
households, firms and the government 
D
producers, retailers and wholesalers 
Explanation.
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No official Explanation yet!


Correct Option:
C
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