Tag: economics

Questions Related to economics

This is an example for direct taxation ________________.

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

  1. Customs-Imports

  2. Wealth-Profits

  3. Excise-Manufacturing

  4. Turn-over -sale

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Correct Option: B
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.

_____ is just one kind of _____.

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

  1. Wealth, Money

  2. Money, Wealth

  3. Wealth, Income

  4. None of the above

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Correct Option: B
Explanation:

Wealth is defined as "anything which is useful, directly or indirectly, for satisfying human wants". Money is one kind of wealth. Wealth can be any asset, gold, vehicle etc.

Money has only _____ while it has no _____.

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

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

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

  3. Use, utility

  4. None of the above

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Correct Option: A
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.

Wealth cannot be classified as __________.

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

  1. Private Wealth

  2. Assertive Wealth

  3. Negative Wealth

  4. None of the above

Show answer
Correct Option: D
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.

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

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

  1. Wealth, Income

  2. Income, Wealth

  3. Product, Wealth

  4. All of the above

Show answer
Correct Option: A
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.

Wealth-tax was abolished with effect from ___________.

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

  1. $1$st April, $1900$

  2. $1$st April, $1993$

  3. $1$st Jan, $1991$

  4. $15$th February, $1998$

Show answer
Correct Option: B
Explanation:

Wealth-tax, that is, tax levied on personal capital was abolished from $1$ st April, $1993$.

In economics wealth is the stock of all those material and immaterial objects which _______.

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

  1. are transferable

  2. have utility

  3. are scarce

  4. all the three

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Correct Option: D
Explanation:
1) Wealth are transferable. For example, money is a part of wealth and can be transferred fro one place to another.
2) Material and immaterial objects possess some kind of power of satisfying wants of the human beings. Therefore, wealth has utility.
3) Wealth are the scarce resources but human wants are unlimited.

Adam Smith considered Economics as:

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

  1. Science of Wealth

  2. Science of Material Well-being

  3. Science of Choice-making

  4. Science of Growth and Development

Show answer
Correct Option: A
Explanation:

According to Adam Smith who was a Scottish economist, economics is the science of wealth which means that economics aims at generating wealth both individually and for the nation as a whole. 

Which of these Economics did not consider Economics as Science of Wealth?

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

  1. Adam Smith

  2. J B Say

  3. Alfred Marshall

  4. All the above

Show answer
Correct Option: C
Explanation:

Alfred Marshall placed a greater emphasis on welfare rather than wealth, in his Principle of Economics" book published in 1890. Marshall defines economics as “a study of men as they live and move and think in the ordinary business of life.”

Which is the following is not correct? Economics is viewed as.

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

  1. Science of Wealth

  2. Science of Warfare

  3. Science of Wellbeing

  4. Science of Choice-making

Show answer
Correct Option: B
Explanation:

Economic does not contain any study material related to the theories and beliefs of war either from the past or in the future.