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Economic Applications and Contemporary Problems Quiz

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Questions and Answers

What is the main reason candidates offering Economic Applications in Group III are not eligible to offer Economics in Group II?

Overlap in the subject content (correct)
Lack of interest in Economics
Insufficient academic background
Scheduling conflicts

What is the primary aim of studying contemporary economic problems?

To ignore the efforts being made to solve these problems
To appreciate the efforts being made to solve these problems (correct)
To criticize the efforts being made to solve these problems
To avoid the efforts being made to solve these problems

What is the basic economic problem as outlined in the text?

Limited human wants versus limited resources with alternative uses
Unlimited human wants versus unlimited resources
Unlimited human wants versus limited resources with alternative uses (correct)
Limited human wants versus unlimited resources

What is the primary focus of the Indian government measures mentioned in the text?

To increase agricultural production (C) Signup and view all the answers

What is the meaning of the term 'limited availability of resources' as per the text?

Resources with alternative uses that are insufficient to satisfy unlimited human wants (D) Signup and view all the answers

Define the meaning of 'limited availability of resources' and provide examples.

Limited availability of resources refers to the scarcity of natural, human, and capital resources necessary for production. Examples include land, labor, and machinery, which are limited in quantity relative to the demand for them. Signup and view all the answers

Explain the central problems of an economy: what to produce, how to produce, and for whom to produce.

The central problems of an economy revolve around determining what goods and services to produce, the most efficient methods of production, and the distribution of these products among different individuals and groups in society. Signup and view all the answers

Discuss the contribution of agriculture to the Indian economy and the problems it faces.

Agriculture contributes significantly to the Indian economy, but faces challenges such as low productivity, land fragmentation, water scarcity, and reliance on monsoons. Signup and view all the answers

What is the aim of studying contemporary economic problems as per the text?

The aim is to acquire knowledge of contemporary economic problems and appreciate the efforts being made to solve them. Signup and view all the answers

Explain the basic economic problem outlined in the text.

The basic economic problem is the scarcity of resources in relation to unlimited human wants, leading to the need for efficient resource allocation and utilization. Signup and view all the answers

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