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BASICS OF ECONOMICS Flashcards | StudBud

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BASICS OF ECONOMICS

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Questions 10

Answers

1
Economics tries to answer which of the following questions ?
What to produce
How to produce
All of the above
How much to produce
2
What economic system is based on supply and demand?
Mixed economy
Traditional economy
Market economy
Command economy
3
What are the objectives of a green economy?
Reduced carbon emissions
All of the above
Poverty eradication
Economic recovery
4
What is inflation?
Stabilisation of currency
Increased cost of living
Decrease in prices
Increase in production
5
_____ is a branch of economics that deals with development aspects in low and middle income countries.
Developmental economics
Neoclassical economics
Traditional economics
Applied economics
6
What is the purpose of tariffs?
To lower government revenue
To increase consumer prices
To encourage international trade
To protect domestic industries
7
Which of the following is not a factor of production?
Water
Money
Land
Labour
8
What is a budget deficit?
When expenses exceed income
A surplus of savings
When income exceeds expenses
A balanced budget
9
India is the ____ largest economy in the world.
77th
5th
123rd
2nd
10
What has the Indian government done to attract multinational corporations to India?
Increase tariffs
Decrease prices
Improve domestic markets
Set up special economic zones