Economics · General Awareness

Economic Principles

1,087 Questions

Economic principles form the foundation of how societies allocate resources and produce goods. This topic covers factors of production, types of capital, and demand classifications. It is a vital component of the economics syllabus in many civil services and banking exams.

Factors of productionCapital typesDemand classificationsEconomic activities

Economic Principles Questions

Multiple choice commercial applications verbal and non-verbal communication non-verbal communication non-verbal communication and interpersonal skills spoken (oral) and written communication

__________ plays a vital role in keeping the production line going by ensuring timely procurement.

  1. Sales correspondence

  2. Purchase correspondence

  3. Human resources correspondence

  4. None of above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Purchase Correspondence is the act of writing letters to someone.Someone's correspondence is the letters that they receive or send.

Multiple choice evs - i our home and environment environmental issues due to construction of houses introduction to natural resources (eco) materials (resources ) and its classification

Resources which are surveyed and their quality and quantity have been determined for utilization are called _________.

  1. Potential resources

  2. Developed resources

  3. Natural resources

  4. None of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Developed resources: Resources that surveyed for utilisation and are being used currently are called developed resources. Example: Petroleum in Mumbai High

Multiple choice evs - i our home and environment environmental issues due to construction of houses introduction to natural resources (eco) materials (resources ) and its classification

The ____________ rule provides an important result about the sustainability of welfare in an economy that uses non-renewable source.

  1. hartwick's

  2. hotelling's

  3. hermann scheer

  4. none of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

In resource economics, Hartwick's rule defines the amount of investment in produced capital (buildings, roads, knowledge stocks, etc.) that is needed to exactly offset declining stocks of non-renewable resources.

Multiple choice organisation of commerce and management channels of distribution elements of marketing mix middlemen physical distribution and channels

The primary function of a distribution channel is to bridge the gap between production and consumption.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Distribution channels exist to move products from the point of production to the point of consumption, effectively bridging the spatial and temporal gap between producers and users.

Multiple choice organisation of commerce and management channels of distribution elements of marketing mix middlemen physical distribution and channels

'Intensive distribution method' is referred to ______.

  1. minimum expansion

  2. maximum expansion

  3. minimum contraction

  4. maximum contraction
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Intensive distribution is a marketing strategy that aims to provide saturation coverage of the market by using all available outlets. This maximizes the expansion of the product's reach.

Multiple choice civics our life in society man's lifestyle in a society tracing changes through a thousand years medieval india: society, resources and trade buildings, paintings and books

How variety of articles are produced?

  1. Labour

  2. Skills of people

  3. Both A and B

  4. None of these
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation
Food, clothes, shelter, education and health are our basic needs. Due to the labour and skills of people in the society, a variety of articles are produced.
Multiple choice business mathematics and statistics moving averages introduction to time series introduction to time series and forecasting time series and forecasting uses of average in day-to-day life

Damages due to floods, droughts, strikes fires and political disturbances are:

  1. Trend

  2. Seasonal

  3. Cyclical

  4. Irregular
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

$\Rightarrow$  Damages due to floods, drought, strikes fires and political disturbances are : $Irregular$.

$\Rightarrow$  Irregular variations which occur on account of random external events.
$\Rightarrow$  These variations either go very deep downward or too high upward to attain peaks abruptly. These fluctuations are a result of unforeseen and unpredictably forces which operate in absolutely random or erratic manner.
$\Rightarrow$  These variations are due to floods, wars, famines, earthquakes, strikes, lockouts, epidemics etc.

Multiple choice business organisation and correspondence middlemen 1 - wholesaler characteristics, necessity, services and survival of a wholesaler the characteristics of wholesalers wholesalers characteristics of wholesale trade kinds of mercantile agents or agent middlemen

The wholesalers facilitate ____ of production activity throughout the year by purchasing the goods as and when these are produced.

  1. continuity

  2. risk bearing

  3. storage

  4. none of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Wholesaling, jobbing, or distributing is the sale of goods or merchandise to retailers; to industrial, commercial, institutional, or other professional business users; or to other wholesalers and related subordinated services. In general, it is the sale of goods to anyone other than a standard consumer.

Multiple choice business organisation and correspondence middlemen 1 - wholesaler characteristics, necessity, services and survival of a wholesaler the characteristics of wholesalers wholesalers characteristics of wholesale trade kinds of mercantile agents or agent middlemen

The wholesalers normally make forward dealing with the supply goods with the producer. This relieves the manufacturers from ______.

  1. plan and regulate their production

  2. keeping the stocks

  3. interim loans

  4. none of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The stock of a corporation is all of the shares into which ownership of the corporation is divided. In American English, the shares are commonly called stocks. A single share of the stock represents fractional ownership of the corporation in proportion to the total number of shares.

Multiple choice geography trade in agricultural produce (part - a) trade in tamil nadu trade in agricultural produce - i human geography in tamil nadu

Differences in climate, geology, _____ result in the exchange of goods.

  1. Soil, vegetation and mineral resources

  2. Minerals, power minerals and transport

  3. Atomic power, hydro-electric power and solar energy

  4. None of these
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The exchange of goods between regions is primarily driven by differences in natural endowments, including climate, geology, soil types, vegetation, and the availability of mineral resources.

Multiple choice economics the state of the indian economy on the eve of independence agricultural market system policy of agriculture, industry and foreign trade under british rule rural development

Agriculture has _______ Capital - Output Ratio.

  1. low

  2. high

  3. moderate

  4. nothing can be said
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Agriculture generally has a low capital-output ratio compared to heavy industries, meaning it requires less capital investment to produce a unit of output.

Multiple choice economics the state of the indian economy on the eve of independence agricultural market system policy of agriculture, industry and foreign trade under british rule rural development

There will be a __________ demand for industrial and consumer goods in rural areas, in case of prosperity in agriculture. 

  1. low

  2. moderate

  3. high

  4. can't be determined
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Agricultural prosperity increases the disposable income of rural households, which leads to higher demand for industrial and consumer goods in those areas.

Multiple choice geography residences house patterns a shelter so high! roadways

A construction worker belongs to the ___________ sector of the economy.

  1. Organised

  2. Un-organised

  3. Both

  4. None
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

A construction worker is a labourer, or professional employed in the physical construction of the built environment and its infrastructure. The term construction worker is a generic term and most construction workers are primarily described by the type of work they perform. They generally belong to the unorganised sector of the economy and ear their income as daily wages. They rarely have security of Job, safety in the job and are made to work for hours at low wages.

Multiple choice geography mineral resources and industrialisation the concept of development distribution and classification of industries in india mineral resources in rajasthan

The trend of growth rate in manufacturing over the last two decades has been around ____________ percent per annum.

  1. 6

  2. 7

  3. 8

  4. 9
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The growth rate of the manufacturing sector in India over the last two decades has generally been targeted at or observed around 7 percent per annum.