Central Problems Of An Economy(Commerce ) Questions and Answers

Question 1. Disadvantage of Central Planned Economy
  1.    Social justice
  2.    Limited choice of product and services
  3.    Public goods
  4.    Profit
Explanation:-
Answer: Option B. -> Limited choice of product and services
Question 2. How to produce in Capitalism Economy refers to
  1.    Labor intensive
  2.    Capital intensive
  3.    The cheapest method
  4.    Inefficiency method
Explanation:-
Answer: Option C. -> The cheapest method
Question 3. What to produce in Mixed Economy refers to:
  1.    Public goods
  2.    Private goods
  3.    Intermediate goods
  4.    Public and private goods
Explanation:-
Answer: Option D. -> Public and private goods
Question 4. Which one drama/movie below related with Central Planned Economy?
Explanation:-
Answer: Option D. -> Public and private goods
Question 5. Capitalism is an economic system where individuals take all themain economic decisions
  1.    True
  2.    False
Explanation:-
Answer: Option A. -> True
Question 6. What problems do tourist cause?
  1.    mistreat and insult islanders
  2.    spend too much money
  3.    stay for long periods of time
  4.    pollute and use up resources
Explanation:-
Answer: Option D. -> pollute and use up resources
Question 7. Which of the following statement is about microeconomics?
  1.    The growth increased by 5.0 percent last year
  2.    Inflation is about to increased 3.6 percent this year
  3.    The factors of production is limited resources
  4.    The general price level increased by 4 percent last year
Explanation:-
Answer: Option C. -> The factors of production is limited resources
Question 8. The statement that “the human being’s want cannot be fully satisfied with limited resources is called _______________
  1.    opportunity cost
  2.    choices
  3.    scarcity
  4.    desire
Explanation:-
Answer: Option C. -> scarcity
Question 9. What to produce is the central problem of choice of technique of production
  1.    True
  2.    False
Explanation:-
Answer: Option B. -> False
Question 10. Ecotourism helps save the environment
  1.    increase number of factories
  2.    provides jobs for farmers
  3.    reduces risks of earthquakes
  4.    creates homes for imported animals
Explanation:-
Answer: Option B. -> provides jobs for farmers
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