Tag: wealth, capital and money

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Questions Related to wealth, capital and money

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

__________ defined economics as a "study of Economic welfare which is that part of social welfare that can be brought directly or indirectly into relation with the measuring rod of money".

  1. A C Pigou

  2. JN Keynes

  3. A. Lincoln

  4. Samuelson
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

AC Pigou defined economics as a "study of Economic welfare which is that part of social welfare that can be brought directly or indirectly into relation with the measuring rod of money". He gave more importance to the study of man than to wealth. Thus it focused more on human welfare and social science. 

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

Stock of both man made goods as well as natural, resources like capital is called____.

  1. national wealth

  2. national stock

  3. national capital

  4. national resources
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Stock of man made goods (like machines) as well as natural resources(like land) ,resources like capital -is called national wealth All are referred as national assets.

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

Which of these indicate increase in welfare of the people? 

  1. Increase in production of war time equipments.

  2. Increase in production of foodgrains

  3. Spurt in smuggling activities

  4. Increase in production of heroine, smack etc.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The increase in production of food grains indicates the increase in the welfare of the people. This is because it will directly benefit the people as they have a satisfactory level of food grains. The other options do not help the people of the economy as either these activities are illegal or they do not directly help in the production of food for the people to eat.

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

This is an example for direct taxation ________________.

  1. Customs-Imports

  2. Wealth-Profits

  3. Excise-Manufacturing

  4. Turn-over -sale
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

A government levy on the income, property, or wealth of people or companies. A direct tax is borne entirely by the entity that pays it, and cannot be passed on to another entity. The rest all are indirect taxes.

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

Money has only _____ while it has no _____.

  1. Value-in-exchange, Value-in-use

  2. Value-in-use, Value-in-exchange

  3. Use, utility

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

Money has value in exchange but not value in use. Value in exchange is nothing but the goods and services which we may obtain in the market in exchange of a particular thing. Value in use is nothing but the satisfaction which one obtains from the use of a commodity for example water.

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

Wealth cannot be classified as __________.

  1. Private Wealth

  2. Assertive Wealth

  3. Negative Wealth

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

Wealth: it is defined as the stock of resources which can be used at present or in the future.

All the given options are the classifications of wealth:

  • Private wealth: This includes all material and non material goods of an individual which can convert into money. 
  • Public wealth: This includes all material and non material goods owned by a community together
  • Negative Wealth: it is owned by an individual for a particular time period and then returned.
  • National Wealth: it is the wealth owned by nation.

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

_____ represents the stock of resources which help in producing goods or commodities, whereas _____ represents the flow of goods and services.

  1. Wealth, Income

  2. Income, Wealth

  3. Product, Wealth

  4. All of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

  • Wealth: It is defined as the stock of resources which can be used at present or in the future.
  • Income: It is the money obtained by flow of goods and services on regular basis.