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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?
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How do human wants change as per seasons and preferences?
How do human wants change as per seasons and preferences?
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'Economics is the science of wealth' is a statement incorrectly attributed to:
'Economics is the science of wealth' is a statement incorrectly attributed to:
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'Wealth of Nations' is authored by:
'Wealth of Nations' is authored by:
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'Economics studies common man' is a statement attributed to:
'Economics studies common man' is a statement attributed to:
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In macroeconomics, what are some basic concepts that are typically studied?
In macroeconomics, what are some basic concepts that are typically studied?
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Why are final goods and services included in national income calculations?
Why are final goods and services included in national income calculations?
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