Which of the following situations can give rise to economic problems?
Unlimited human wants
Wants of varying important
Limited means available for satisfying wants
Means used in different ways
Correct answer is A
No explanation has been provided for this answer.
A major obstacle to economic development is?
A rise in industrial output
Low farm productivity
Free trade
Ineffective trade unions
Correct answer is B
No explanation has been provided for this answer.
W - P - R - Z
W + P + Z - R
P - R - Z + W
W + P + R + Z
Correct answer is D
No explanation has been provided for this answer.
In the national income and product accounts, double counting is avoided if
Only final goods counted
Only intermediate goods are counted
Only intermediate and final goods are counted
The value of all goods and services are added together
Correct answer is A
No explanation has been provided for this answer.
The Gross Domestic Product is defined as the total value of
All final goods and services produced in a country during the year
All assets of a country in a particular year
Exports net of total value of imports
All receipts
Correct answer is A
No explanation has been provided for this answer.