The most generally accepted definition of economics is
An inquiry into the nature and causes of the wealth of nations
The science of material welfare
The science which studies human behavior as a relationship between ends and scarce means which have alternative use
The science that treats phenomena from the stand point of price
The practical science of production and distribution of wealth
Correct answer is C
Lionel Robbins (1932) developed implications of what has been termed "perhaps the most commonly accepted current definition of the subject": Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses.
Development of black market
Increased earning and higher profit
Increase in employment
Increase investment
Redistribution of income
Correct answer is C
No explanation has been provided for this answer.
To finance a deficit balance of payment, a country may decide to
Borrow from abroad
Increase its foreign investment
Privatizes its economy
Reduce domestic consumption
Secure more factor of production
Correct answer is C
No explanation has been provided for this answer.
The per capita income is calculated as
GNP - working age population
GNP - real national income
GNP - total capital expenditure
GNP - dependency ratio
GNP - population
Correct answer is E
No explanation has been provided for this answer.
The theory of income determination is traced to
Rev Thomas Mathus
Lord John Mynard Keynes
Prof Adam Smith
R G Lipsey
Prof Umar SI
Correct answer is B
No explanation has been provided for this answer.