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Cooperative Economics I

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Questions and Answers

What key principle distinguishes cooperative economics from traditional economics?

Exclusivity of membership based on financial capability
Reliance on government intervention for market stability
Emphasis on community benefit and member participation (correct)
Focus on profit maximization for shareholders

Which of the following best describes the impact of voluntary and open membership in cooperative societies?

Reduces market competition significantly
Enhances efficiency through diverse participation (correct)
Limits efficiency due to lack of commitment
Increases administrative costs without benefits

What is the primary focus of the theory of consumption in economics?

Government spending and its effect on the market
Price elasticity of demand for different goods
Understanding consumer preferences and their allocation of resources (correct)
The relationship between supply and demand

How do cooperatives contribute to both the formal and informal sectors of the economy?

<p>By providing a framework for collective bargaining and resource sharing (C)</p> Signup and view all the answers

Which of the following is NOT a characteristic of cooperative banks?

<p>Operates for profit maximization (B)</p> Signup and view all the answers

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Flashcards

What is economics?

The study of how individuals, businesses, and governments make decisions about scarce resources.

What is the theory of the firm?

A theoretical model that explains how prices are determined in a market based on the interaction of supply and demand.

What are aggregate economy variables?

The overall economic activity of a country, measured by factors such as GDP (gross domestic product), inflation, and unemployment.

What are cooperatives?

Cooperatives are businesses owned and controlled by their members, who share profits and benefits according to their use of the cooperative's services.

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What is voluntary membership?

The ability of a cooperative to attract and retain members while ensuring efficient operations and member satisfaction.

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