Multiple Choice QuestionsThe difference in the value of visible exports and visible imports is called
balance of account
balance of payments
balance of trade
balance of trade
Which one of the following is not a feature of indifference curve?
They do not intersect each other
They slope downwards to the right
They are concave to each other
They are concave to each other
Economic growth refers to
prevention of concentration of wealth
continuous growth of national income for atleast two years
continuous growth of per capita real income over a period of time in an economy.
continuous growth of per capita real income over a period of time in an economy.
Which of the following statements is incorrect?
The central problem of an economy is the problem of allocation of resources
Economy faces the problem of utilization of resources
Economy faces the problem of growth of resources
Economy faces the problem of growth of resources
In the case of direct taxes, the payment liability and the ultimate burden of the tax lies upon
the person on whom it has been imposed
the person on whom it has not been imposed
the tax department who collects the taxes
the tax department who collects the taxes
Interest paid to a bank for a crop loan is
a transfer payment
a factor payment
capital formation
capital formation
If only a part of the labour force employed by a firm can be dismissed at anytime and without pay, the total wages and salaries paid by the firm must be considered.
a variable cost
a fixed cost
partly a fixed cost and partly a variable cost
partly a fixed cost and partly a variable cost
Which of the following systems is based on the principle of surplus value?
Capitalism
Individualism
Idealism
Idealism
Trickle down theory ignores the impact of economic growth on
Investment
Savings
Income distribution
Income distribution
Switch
