Agriculture MCQs

Page No. 232

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


aUnemployment


bUnderemployment


cInflation


dDeflation


View Answer Unemployment

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


a Traditional economy


bMixed economy


ccapitalistic economy


dCommand economy


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


bTrade deficit


cTrade bloc


dNone


View Answer Trade deficit

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


aTechnology


bAdvanced knowledge


cBoth


dNone


View Answer Technology

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


aTariff


bForeign exchange


cNet profit


dGNP


View Answer Tariff

Nominal income adjusted for inflation__________________?


aReal income


b Net income


cTotal income


d None


View Answer Real income

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


a Public revenue


bPublic finance


cPublic good


dNone


View Answer Public finance

A legally determined price above the equilibrium price is__________________?


aFloor price


bCeiling price


cEquilibrium price


d None


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


bcapital account


ccapital deficit


dAll of these


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


bEconomic planning


cEconomizing problem


dNone


View Answer Fiscal policy

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