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Chapter 1: Definition of Economics

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Questions and Answers

What is the subject matter of economics?

Nature of state and government

Matter and energy

Explaining important issues faced by individuals and society (correct)

Constitution and evolution of living organisms

Why do government employees demand higher dearness allowance when prices go up?

To maintain their purchasing power (correct)

To lower their expenses

To increase their savings

To balance the budget deficit

What determines the level of national income?

Various factors like consumption, investment, and government spending (correct)

Government's taxation policies

Price of essential commodities

Unemployment rate

What explains the existence of massive poverty in countries?

Inequality in income distribution (C) Signup and view all the answers

Why did many advanced countries experience recession during 2008-2010?

Financial crisis in the housing market (C) Signup and view all the answers

How does China achieve a higher rate of economic growth than India?

Greater focus on export-oriented manufacturing (B) Signup and view all the answers

What is the main reason why the Indian government has followed the policy of privatisation and globalisation?

To boost economic growth and development (A) Signup and view all the answers

Why do developing economies face the problem of deficits in their balance of payments?

As a result of excessive imports over exports (C) Signup and view all the answers

What type of questions are addressed by economics as a social science?

Economic questions (D) Signup and view all the answers

Why is the study of economics important for individuals and citizens?

To understand economic issues in daily life (D) Signup and view all the answers

What do producers decide in the process of production?

Which commodities to produce, how to produce, and at what prices to sell (B) Signup and view all the answers

Why does the subject of economics hold a place of pre-eminence in today's world?

Because it addresses important economic issues affecting individuals and societies (A) Signup and view all the answers