Agriculture MCQs

Page No. 232

Failure to use all available economic resources to produce goods and services is called__________________?


aUnemployment

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bUnderemployment

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cInflation

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dDeflation

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View Answer Unemployment

An economic system in which traditions and customs determine how the economy would use its scare resources ?


a Traditional economy

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bMixed economy

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ccapitalistic economy

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dCommand economy

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View Answer Traditional economy

The amount by which a nation’s import of goods (or goods and services) exceeds its export of goods or goods and services is________________?


aTrade surplus

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bTrade deficit

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cTrade bloc

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dNone

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View Answer Trade deficit

The body of knowledge and techniques which can be used to produce goods and service from economic resources is________________?


aTechnology

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bAdvanced knowledge

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cBoth

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dNone

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View Answer Technology

A tax imposed by a nation on an imported good is called_________________?


aTariff

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bForeign exchange

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cNet profit

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dGNP

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View Answer Tariff

Nominal income adjusted for inflation__________________?


aReal income

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b Net income

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cTotal income

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d None

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View Answer Real income

The branch of economics which analyze govt. revenues and expenditures is__________________?


a Public revenue

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bPublic finance

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cPublic good

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dNone

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View Answer Public finance

A legally determined price above the equilibrium price is__________________?


aFloor price

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bCeiling price

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cEquilibrium price

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d None

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View Answer Floor price

The transfer of savings from developing countries to industrially advanced countries to avoid govt. expropriation, taxation and high rates of inflation is_________________?


a capital flight

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bcapital account

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ccapital deficit

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dAll of these

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View Answer capital flight

Changes in govt. spending and tax collection designed to achieve a full employment and non-inflationary domestic out put is called___________________?


aFiscal policy

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bEconomic planning

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cEconomizing problem

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dNone

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View Answer Fiscal policy

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