Economics miscellaneous

Economics miscellaneous

Easy Questions

Economics

Economics miscellaneous
  1. A ‘Transfer Income’ is an








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    Income which is not produced by any production process is called Transfer Income.

    Correct Option: A

    Income which is not produced by any production process is called Transfer Income.

  1. The main feature of a capitalist economy is








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    Capitalism is an economic system that is based on private ownership of the means of production and the production of goods or services for profit. Other elements central to capitalism include capital accumulation and often competitive markets.

    Correct Option: D

    Capitalism is an economic system that is based on private ownership of the means of production and the production of goods or services for profit. Other elements central to capitalism include capital accumulation and often competitive markets.

  1. Price mechanism is a feature of








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    Price mechanism is an economic term that refers to the manner in which the prices of commodities affect the demand and supply of goods and services. It is essentially a feature of market-driven or capitalist economic systems. It is based on the principle that only by allowing prices to move freely will the supply of any given commodity match demand.

    Correct Option: A

    Price mechanism is an economic term that refers to the manner in which the prices of commodities affect the demand and supply of goods and services. It is essentially a feature of market-driven or capitalist economic systems. It is based on the principle that only by allowing prices to move freely will the supply of any given commodity match demand.

  1. Which of the following is deducted from GNP to arrive at NNP ?








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    If we subtract the depreciation charges from the gross national product, we get net national product at market price. Net national product at market price=Gross national product at market price-Depreciation.

    Correct Option: A

    If we subtract the depreciation charges from the gross national product, we get net national product at market price. Net national product at market price=Gross national product at market price-Depreciation.

  1. Income and consumption are :








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    Consumption and income are directly or positively related. An increase in income is associated with an increase in income; a decrease in consumption accompanies a decrease in income.

    Correct Option: B

    Consumption and income are directly or positively related. An increase in income is associated with an increase in income; a decrease in consumption accompanies a decrease in income.