Sr

. Quest
ion Answer

01 Humanwant
sar
eunl
i
mit
edbutmeanst
osat
isf
ythesewant
s Li
mit
ed
ar
e…

02 Economi
csi
sa…sci
ence. Choi
ceandScar
cit
y

03 St
udyoft
heeconomyatuni
tlev
eli
sknownas…economi
cs. Mi
cro

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plesadmet hodofeconomi csi sappl
iedtothe Gr
ay
speci
alcondit
ion ofagricul
tur
ali
ndustr
ies.Thi
s def
ini
ti
on
wasgivenby…scienti
st.

05 Mi
croeconomi
csi
sal
socal
l
edas…t
heor
y. Pr
ice

06 Theaut
horoft
he“
Weal
thoft
heNat
ion”was… Adam Smi
th

07 Which ofthe f
oll
owi
ng i
s an ext
ernal
,mat
eri
aland non- Conductcer
ti
fi
cat
eof
t
ransf
errabl
egood? St
udent

08 Economi
csi
saposi
ti
vesci
enceexpl
ains… Whati
s

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csi
sanor
mat
ivesci
enceexpl
ains… Whatoughtt
obe

10 Seeds,
fer
ti
li
zer
sar
etheexampl
eof…goods. MonoPer
iod

11 Consumpt
iongoodsar
eal
socal
l
edgoodsoft
he…or
der
. Fi
rst

12 Thegoodswhi charecommont
oal
landar
eownedbysoci
ety Publ
i
c
col
lect
ivel
yiscall
ed…good.

13 …goodhav
eval
uei
nusebutnov
aluei
nexchange. Fr
ee

14 The“
Element
aryTheor
yofEconomi
cs”waswr
it
tenby… K.
K.Dewet
t

15 …i
saf
undwher
eincomei
saf
low. Weal
th

16 Agr
icul
tur
aleconomi
csi
san…f
iel
dofeconomi
cs. Appl
i
ed

17 Scar
cit
ydef
ini
ti
onwasgi
venby… Li
onel
Robbi
ns

18 Thefi
eldofeconomi
csdeal
swi
thhousehol
dmanagement
. Ar
ist
otl
e
Thi
sdefi
nit
ionwasgi
venby…

19 Pr
oduct
ioni
s… Cr
eat
ionofut
il
it
y

20 Anyt
hingst
hatcansat
isf
yhumanwant
siscal
l
ed… Goods

21 Al
leconomi
csgoodsar
e… Weal
th

22 “
Growt
h”def
ini
ti
onwasgi
venby… Lor
dKey
nes

23 …i
ncl
udeal
lgoodswhet
heri
tiseconomi
corf
ree. Wel
far
e

24 …goodshav
eval
uei
nuseaswel
lasv
aluei
nexchange. Economi
c
Sr
. Quest
ion Answer

25 Capi
tal
goodsar
egoodsof…or
der
. Second

26 Economi
sthav
ebegunt opayspeci
alat
tent
iont
ohow an Gr
owt
h
economygr
ows.I
tiscal
l
ed

27 Theexampl
eofnon-
tr
ansf
err
abl
egoodsi
s… Ski
l
l

28 Iti
sanycostorperf
ormancet
hatonepar
tycanof
fert
o Ser
vice
anot
her
.Iti
scal
l
ed…

29 …goodsar
ethef
reegi
ft
sofnat
ure. Fr
ee

30 Ut
il
it
yis…concept
. Psy
chol
ogi
cal

31 …i
nthemar
ketpr
icesr
educet
heconsumersur
plus. Ri
se

32 Theaddi
ti
onmadetothet
otalut
il
it
ybyconsumi
ngonemor
e Mar
ginal
uni
tofacommodi
tyi
scall
ed…util
it
y.

33 Demandv
ari
es…wi
thpr
ice I
nver
sel
y

34 WhenEpi
sinf
ini
ty,
iti
sacaseof… Per
fect
lyEl
ast
ic

35 Thedemandf
orul
ti
mat
eobj
ect
,iscal
l
ed…demand. Di
rect

36 Thedemandforvar
iouski
ndsofl
abourandmat
eri
alwhi
chgo Der
ived
tomakethef
inal
producti
scal
led…demand.

37 Thlawofdi
mini
shi
ngmar
ginalut
il
it
yisahandyt
oolf
ort
he… Fi
nance
mini
ster

38 Demandi
neconomi
csmustbe… Ef
fect
ive

39 Asmallchangeinthepri
cemayl
eadt
oagr
eatchangei
n El
ast
ic
demandi
scalled…demand.

40 Accordi
ngtothel
awofdi mini
shi
ngmar
ginalut
il
it
yconsumer Mu>0
der
ivesmaximum sat
isf
acti
onwhen…

41 …isagraphi
cal
present
ati
onofr
elat
ionshi
pbet
weent
hepr
ice DemandCur
ve
ofagoodanddemand.

42 …r
efer
stot
hedemandofi
nfer
iorgoods. Gi
ff
enPar
adox

43 Per
centchangei
ndemand/
per
centchangei
npr
icemeans… Pr
iceEl
ast
ici
ty

44 The…demandshowsther
elat
ionbet
weeni
ncomeandt
he I
ncomeDemand
quant
it
ydemanded.

45 When t he commodi
ty becomes cheaper i
tt ends t
o Subst
it
uti
on
substi
tut
edwholl
yorpar
tlyforot
hercommoditi
es.Thisi
s
cal
led…ef f
ect
Sr
. Quest
ion Answer

46 … refer
st ov ar
ious quant
it
ies of goods pur
chased by Cr
ossDemand
consumersatv
ari
ouspriceofrel
atedgood.

47 “
Themor
ewehaveofacommodi
ty,
thel
esswewantt
oleav
e LawsofDimini
shi
ng
mor
eofi
t”i
sexpl
ainedi
n… Margi
nalUt
il
ity

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ncomeef
fecti
s…f
ori
nfer
iorgoods. Negat
ive

49 Mor
edemandatl
esspr
icer
efer
sto… Ext
ensi
oni
nDemand

50 Thesum ofuti
l
ityofal
luni
tsofacommodi
tyconsumedi
s Tot
al
cal
l
ed…util
it
y

51 Whendesi
rebackedbywi
l
li
ngnessandabi
l
ityt
opay
,iti
s Demand
cal
l
ed…

52 Thedemandofanycommodi
tymai
nlydependsont
he…of Pr
ice
thatcommodi
ty.

53 Gener
all
y,t
hedemandcur
vesl
opes…f
rom l
eftt
ori
ght
. Downwar
d

54 Whenachangeinpr
icebr
ingsequalchangei
ndemand,
iti
sa Uni
tar
y
caseof…el
ast
icdemand.

55 Thedemandf
oracommodi
tyt
hatcanbeputt
osev
eraluses Composi
te
i
sa…demand.

56 Whensever
alt
hingsar
edemandedf
oraj
ointpur
pose,i
tisa Joi
nt
caseof…demand.

57 … surpl
usisthedi
ff
erencebet
weenwhatt
heconsumeri
s Consumer
wi
lli
ngtopayandwhatheact
ual
lypay
s.

58 Thedemandforanycommodi
tymai
nlydependsont
he…of Pr
ice
thatcommodi
ty.

59 Whent
otal
uti
l
itydecl
i
nesmar
ginal
uti
l
itybecomes Negat
ive

60 … r
efer
st othegrossval
ueofallfi
nalgoodsandser
vices GrossNat
ional
Product
pr
oducedinacount r
yinthecur
rentyearincl
udi
ngt
henet ( GNP)
i
ncomef or
m abr
oad.

61 GNPatmar
ketpr
icei
sgi
venby… GNPxMar
ketPr
ice

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erstothenetv al
ueofallfinalgoodsand ser
vices NetNat
ional
Product
pr
oducedinacountryinthecur
renty eari
ncl
udi
ngthenet (NNP)
i
ncomef r
om abr
oad.

63 NNPi
sgi
venby… GNP–Depr
eci
ati
on

64 I
fwedeductper
sonal
tax
esf
rom i
ncome,
itwi
l
lbe…i
ncome. Di
sposabl
e
Sr
. Quest
ion Answer

65 Anexampl
eofdi
rectt
axi
s/ar
e… I
ncomeTax

66 Anexampl
eofi
ndi
rectt
axi
s/ar
e… St
ampDut y
,Exci
seDut
y,
Cust
om Duty

67 Taxbear
erandt
axpay
erar
esamei
ncaseof… Di
rectTax

68 I
mpactandinci
denceoft
axdonotl
i
eont
hesameper
son,i
t Pr
opor
ti
onal
i
scal
led…taxat
ion.

69 I
fthetaxr at
eisdecr
eased wi
thi
ncr
easei
nthel
evelof Regr
essi
ve
i
ncomeiti
scall
ed…t
axati
on.

70 Whathappentothev
alueofr
upeewhent
her
eisi
ncr
easei
n Fal
l
s
gener
alpr
icel
evel
?

71 Toomuchmoneychasi
ngt
oof
ewgoodsi
mpl
i
es… I
nfl
ati
on

72 Def
lat
ioni
mpl
i
es… Ri
sei
nMoneyVal
ue

73 Abl
andofpr
ogr
essi
vet
axandpr
opor
ti
onalt
axi
sknownas… Di
gressi
ve
t
ax

74 Indi
aneconomi
st… wasawar
dedt
he1998Nobl
ePr
izei
n Amar
tyaSen
economi
cs.

75 I
ncomet
ax(
othert
hanagr
icul
tur
e)i
slev
iedby…gov
ernment
. Cent
ral

76 Ataxl
eviedontheval
ueofeachoft
hepr
ocesscar
ri
edoutby Val
ueAddedTax(
VAT)
abusi
nessiscal
led…

77 A branch ofeconomi
cst hatseekst
o eval
uat
eeconomi
c Wel
far
eEconomi
cs
pol
icesint er
msoft hei
ref f
ect
sont hecommuni
ty’
swell
bei
ngisknownas…

78 … t
axesarelevi
edonpr i
ceofgoodsandser
vicesandi
ts I
ndi
rect
i
mpactisonanotherper
son.

79 …i
sthepr
imar
ytool
forcont
rol
l
ingi
nfl
ati
on. Monet
aryPol
i
cy