Podcast
Questions and Answers
Which branch of knowledge does Crowther relate to the invention of money?
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?
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?
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?
What is the main difference between value-in-use and value-in-exchange?
How do human wants change as per seasons and preferences?
How do human wants change as per seasons and preferences?
'Economics is the science of wealth' is a statement incorrectly attributed to:
'Economics is the science of wealth' is a statement incorrectly attributed to:
'Wealth of Nations' is authored by:
'Wealth of Nations' is authored by:
'Economics studies common man' is a statement attributed to:
'Economics studies common man' is a statement attributed to:
In macroeconomics, what are some basic concepts that are typically studied?
In macroeconomics, what are some basic concepts that are typically studied?
Why are final goods and services included in national income calculations?
Why are final goods and services included in national income calculations?
Flashcards are hidden until you start studying
