Tag: wealth, capital and money

Questions Related to wealth, capital and money

Ends refer to _______________.

economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

  1. Human Wants

  2. Resources

  3. Both (a) and (b)

  4. Neither (a) nor (b)

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Correct Option: A

The Means for satisfying Wants are ________________.

economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

  1. Not available at all

  2. Scarce

  3. Unlimited

  4. Not usable

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Correct Option: B

An increase in the supply of a good is caused by.

economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

  1. Improvements in its technology

  2. Fall in the prices of other goods

  3. Fall in the prices of factors of production

  4. All of the above

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Correct Option: D

The quantity supplied of a good or service is the amount that.

economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

  1. In actually bought a given time period at a given price

  2. Producers wish they could sell at a higher price

  3. Producers plan to sell during a given time period at a given price

  4. People are willing to buy during a given time period at a given price

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Correct Option: C

The way in which rational consumers allocate their expenditure on goods and service is best described by ___________.

economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

  1. The law of diminishing marginal utility

  2. The law of demand

  3. The theory of value

  4. The marginal rate of substitution

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Correct Option: A

A place or locality where goods are bought and sold is called a ____________.

economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

  1. shopping complex

  2. geographical boundary

  3. market

  4. area

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Correct Option: C
Explanation:

A market is defined as a place (however it need not be a physical place, as now-days various transactions are carried out over the internet, even this is referred to as a 'market') where buyers and sellers meet to buy and sell respectively (ie exchange goods) at a predetermined equilibrium price. The market will clear at the price point where what people want to buy and what people are willing to sell is equal. 

There was increase in tax rate from 20% to 24% w.e.f. 1.6.2018. Which of the following rate is applicable when invoice was issued after change in rate of tax in June 2017 but payment received and goods supplied in April 2017 __________________.

economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

  1. 20% as it is lower of the two

  2. 24% as it is higher of the two

  3. 20% as payment was issued in the period during which the supply was effected

  4. 24% as invoice being one of the factors was issued after rate change

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Correct Option: C

Will the inputs and/or capital goods supplied from the job-worker's premises be considered for calculating the aggregate turnover of the job-worker?

economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

  1. Yes

  2. No

  3. Partially true

  4. None of the above

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Correct Option: B

Stock should include ____________________.

economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

  1. Goods held as security

  2. Goods held as consignee

  3. Goods with customers for approval on sale or return basis

  4. Goods sold but not delivered

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Correct Option: B

In case of low-level commodities, income effect is _____.

economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

  1. Zero

  2. Negative

  3. Infinite

  4. Positive

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Correct Option: B
Explanation:

An income effect is positive in case of normal goods. There is direct relationship between income and quantity demanded. Income effect is negative in case of inferior goods (including Giffen goods) where we find inverse relationship between income and quantity demanded.