Answer

  1. Goods and services are produced at least cost and no resources are wasted.

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Similar questions

In a government budget, revenue deficit is 50,000 crore and borrowings are ₹ 75,000 crore. How much is the fiscal deficit?
  1. 50000 crore.
  2. 75000 crore.
  3. 25000 crore.
  4. 25000 crore.
Foreign exchange transactions which are independent of other transactions in the Balance of Payments Account are called: (Choose the correct alternative)
  1. Current transactions.
  2. Capital transactions.
  3. Autonomous transactions.
  4. Accommodating transactions.
When total expenditure increases in response to decrease in the price of the commodity the elasticity of demand is:
  1. Greater than unity.
  2. Less than unity.
  3. Unity.
  4. Infinity.
The Central Bank issues appeals to the Commercial Banks through:
  1. Open Market Operation.
  2. Moral Suasion.
  3. Bank Rate.
  4. Cash Reserve Ratio.
If MPC is 0.6, what will be the MPS?
  1. 0.2
  2. 0.4
  3. 0.9
  4. 0.5
From the following, in which market, there is a free entry and exit of firms?
  1. Monopoly and oligopoly.
  2. Monopolistic competition and monopoly.
  3. Perfect competition and oligopoly.
  4. Perfect competition and monopolistic competition.
Sum total of currency held by public (C), Demand Deposits in Bank (DD) and Other Deposits with RBI(OD) are combindly known as:
  1. M1
  2. M2
  3. M3
  4. M4
Under imperfect competition, slope of AR is generally _______ of slope of MR.
  1. Half.
  2. Twice.
  3. Equal.
  4. One-third.
When same quantity is supplied at a higher price, it shows:
  1. Contraction in supply.
  2. Decrease in supply.
  3. Expansion in supply.
  4. Increase in supply.
All of the following items are determinants of demand except:
  1. Tastes and preferences.
  2. Quantity supplied.
  3. Income.
  4. Price of related goods.