Basic Economics Terms and Concepts
Basic Economics Terms and Concepts: Overview
In this topic, we will go through the basic economic terms and concepts. We will study all facts and authorities that play an important role in maintaining the Indian economy. It also contains various multiple choice questions based on this topic.
Important Questions on Basic Economics Terms and Concepts
A public company should start the business only after getting the certificate of_____.
What do you call a proportionate saving in costs gained by an increased level of production?
Which of the following is a characteristic of human wants in terms of economics?
The problem of choice between relatively scarce commodities due to limited productive resources with the society can be illustrated with the help of a ______.
According to Malthusian theory which of the following grows in geometric progression?
In the context of agricultural costs in India, what is MSP?
All monetary transfers or kinds sent by migrants to their place of origin are called _______.
Payment made to others for the purchase of factors of production is known as _____.
The total liability of the monetary authority of the country, Reserve Bank of India, is called:
What happens to Indian exports when Indian rupee is devalued?
A soft currency is one that is expected to ________ in value relative to other currencies.
_____is an economic scenario where a combination of low growth and rising inflation leads to high unemployment.
An economy in which both, the private sector and the government are involved is known as a/an_____.
A government budget is an annual financial statement that details anticipated government spending and payments or revenues for the coming fiscal year. Which of the following is NOT a budget type based on the viability of these estimates?
What are the two variables whose relationship is given by the environmental Kuznets Curve?
Which economic thought talks about methodological individualism, or the idea that people will act in meaningful ways which can be analysed?
Which of the following formulas related to monetary and liquidity aggregates is NOT correct?
Which of the following is the correct definition of bank rate?
In the Union Budget , the Government of India proposed to spend ' in , which is ________ higher than the revised estimate of .
Who among the following economists formulated the Law of Diminishing Marginal Utility (DMU)?
