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Questions and Answers
Which of the following is NOT a feature of an economy?
Which of the following is NOT a feature of an economy?
- Economic institutions can be created, destroyed, replaced or changed.
- Producers and consumers have a dual role.
- Levels of economic activities remain constant. (correct)
- Now-a-days the government intervention in the economy is considered undesirable
What is the origin of the term 'economics'?
What is the origin of the term 'economics'?
- It originates from the Old English word for 'household'
- It derives from a variety of words meaning 'administration' in Ancient Greek (correct)
- It is derived from the Arabic word 'iktisad'
- It comes from the Latin word for 'management'
What is the main medium of exchange in modern complex economies?
What is the main medium of exchange in modern complex economies?
- Money (correct)
- Cryptocurrency
- Gold and silver coins
- Barter system
In economics, what are production, consumption, and investment considered as?
In economics, what are production, consumption, and investment considered as?
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What does the term 'economy' refer to?
What does the term 'economy' refer to?
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What was a major impetus for the creation of contemporary economics in the late 19th century?
What was a major impetus for the creation of contemporary economics in the late 19th century?
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What is the primary purpose of economics according to the text?
What is the primary purpose of economics according to the text?
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Which resources are examples of restricted resources for a nation?
Which resources are examples of restricted resources for a nation?
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What does the concept of scarcity describe?
What does the concept of scarcity describe?
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What does economics aim to understand?
What does economics aim to understand?
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