Economic Principles

Joint Products are the products when two or more products arise simultaneously in the course of processing, each of which has equal significant sales value and so neither/none of the product can be treated as a major product. For example in the process of meat processing meat,hides, bones etc. arise simultaneously each of which has equal significant sales value or economic importance.

This is the correct answer as non-market activities are the production for self-consumption.

Knowhow (or know-how) means practical knowledge, expertise, or skill in doing something. 'Technical knowhow' is a common collocation referring to hands-on technical knowledge and experience.

The correct answer is 'intensive'. 'Labor intensive' is a standard economic term describing an industry that requires a large amount of labor relative to capital. Textile manufacturing traditionally requires many workers, making it labor-intensive. 'Involved' means complicated, 'indicative' means showing, and 'incisive' means sharp or penetrating - none fit the economic context.

The principal clause of the given sentence is in simple present tense and so the subordinate clause should also be in the same tense. And this condition is satisfied by option (2).

Kolosovasky (misspelled as Kovosovasky) was a Soviet geographer who classified economic regions. The production cycle basis refers to organizing regions around production processes and resource utilization patterns.

In national income accounting, imputed rent of owner-occupied dwellings is treated as if the owner-tenant pays rent to himself. This imputed rent is included in final consumption expenditure because it represents the value of housing services consumed by households. Capital formation refers to investment in physical assets, intermediate consumption is used up in production, and consumer durables are tangible goods - none of these apply to imputed rent.

Agricultural supply is generally inelastic because production takes time due to biological cycles, seasonal patterns, and fixed factors like land. Farmers cannot quickly increase output in response to price changes. Once crops are planted, supply is largely fixed for that season.

The sentence should be 'Analysts reported the economy is moving in a steady, upward direction.' The construction 'reported the economy it is moving' is incorrect - 'it' is redundant and creates a grammatical error. After 'reported', we use a that-clause with the subject 'economy'.

The phrase 'many its employees' is grammatically incorrect. It should be 'many of its employees' or 'many of the employees'. We need the preposition 'of' between 'many' and 'its' to show the part-whole relationship correctly.

Fisher and Clark proposed the sectoral shift theory (primary to secondary to tertiary), making occupational structure a key development indicator. As economies develop, labor moves from agriculture to manufacturing to services. Richard T. Gill wrote on economics but focused on different indicators.

The correct phrase is 'allows for', meaning to make possible, enable, or provide for something. The system allows for increased creativity - it enables or makes creativity possible. 'Allow around', 'allow to', 'allow after', and 'allow with' are not correct in this context. 'Allows for' suggests the system creates conditions that make creativity possible.

This statement is incorrect. The finishing was done in London and not the countryside. London was known as the finishing centre.