Q.21)-A 'Market Economy' is one which-
- Is controlled by the Government
- Is free from the Government control
- In influenced by international market forces
- All of these
Q.22)-Economics assumes that-
- People have unlimited desires but limited resources
- People have limited desires but unlimited resources
- Allocation of resources of not centrally planned will cause inefficiency
- People are emotional and make irrational
Q.23)-Micro-economics deals with-
- The circular flow of income
- The decision making of a single economic variable like demand
- Understanding unemployment
- Economic Growth
Q.24)-Which of the following statements is incorrect, if resources were unlimited?
- There would still be scarcity and opportunity costs
- There would still be scarcity but no opportunity costs
- There would be no scarcity,but there would be opportunity costs
- There would neither be scarcity nor opportunity costs
Q.25)-Which of thefollowing statements deals with microeconomics?
- Government spending will decrease unemployment
- Increase in money supply will increase inflation
- Lower interest rates will increase investment
- Higher fees at private schools will increase admissions at public schools
Q.26)-Socialism is successful in achieving because of-
- Excess socialistic approach in society
- To increase standard of living
- Equal distribution of income
- None of the above
Q.27)-The Production of a commodity mostly through the natural process is an activity of-
- Primary Sector
- Secondary Sector
- Tertiary Sector
- Technology Sector
Q.28)-Economics is a-
- Computer Science
- Physical Science
- Social Science
- Natural Science
Q.29)-Price theory is also known as-
- Macro Economics
- Development Economics
- Public Economics
- Micro Economic
Q.30)-"Economics is what it ought to be" This statement refers to-
- Normative Economics
- Positive Economics
- Monetary Economics
- Fiscal Economics
