Tag: economic reconstruction

Quizzes (7) Questions (82)

Questions Related to economic reconstruction

Multiple choice economics economic reconstruction economics of planning objectives of economic planning in india major economic problems

If there were no choices in resource allocation, microeconomics would not have existed.

  1. True

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

Micro economics deals with solving the central problem of the economy which deals with resource allocation. It is the study of how resources are allocated in the production of various goods and services in the economy for the satisfaction of human wants. This is because these resources are scarce and have alternative uses whereas human wants are unlimited.

Multiple choice economics economic reconstruction economics of planning objectives of economic planning in india major economic problems

Lack of scarcity implies lack of economic problem.

  1. True

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

Economics deals in the problems of how resources are allocated in the production of various goods and services in the economy for the satisfaction of human wants. This is because these resources are scarce and have alternative uses whereas human wants are unlimited.