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Economics: Micro and Macro Concepts

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Questions and Answers

Which branch of knowledge does Crowther relate to the invention of money?

Mechanical science

Economics

Science (correct)

Psychology

What is the main reason behind the invention of money according to Crowther?

To encourage saving habits among individuals

To establish a system of barter

To control the supply of goods and services

To facilitate trade and exchange of goods (correct)

Why is double counting avoided when calculating national income?

To prevent overestimation of the total value of goods and services produced (correct)

To ensure accurate estimation of inflation rates

To include all possible goods and services in the calculation

To encourage businesses to produce more goods for higher national income

What is the main difference between value-in-use and value-in-exchange?

Value-in-use is subjective while value-in-exchange is objective Signup and view all the answers

How do human wants change as per seasons and preferences?

They vary based on climatic conditions and individual tastes Signup and view all the answers

'Economics is the science of wealth' is a statement incorrectly attributed to:

Adam Smith Signup and view all the answers

'Wealth of Nations' is authored by:

John Stuart Mill Signup and view all the answers

'Economics studies common man' is a statement attributed to:

John Maynard Keynes Signup and view all the answers

In macroeconomics, what are some basic concepts that are typically studied?

Overall economy-wide phenomena like inflation, unemployment, and national income Signup and view all the answers

Why are final goods and services included in national income calculations?

To avoid double counting and accurately measure total production value Signup and view all the answers