business economics

Economics is a science because

• systematised study

• scientific laws

• has its own methodology

• all the above

positive statements concern what is Normative statements concern

• what was

• what is the normal situation

• what will be

• what ought to be

which of the following statements are positive statements?

1. india is overpopulated

2. agricultural income should be taxed

3. service class should be exempted from income tax

4.there is tremendous tax evasion in india

• 1 and 2

• 1 and 3

• 1 and 4

• 3 and 4

The central problem of any economy arises because

• unlimited wants

• scarce resources having alternative uses

• limited wants and unlimited resources

• both 1 and 2

The central problem relating to allocation of resources

• what to produce

• how to produce

• for whom to produce

• all the above

The problem of what to produce relates to

• the production of goods

• the technique of production to produce goods

• the distribution of goods and services

• none of these

Micro economics deals with

• inflation in the country

• the economic behaviour of an individual unit

• the per-capita income

• the problems of poverty and unemployment in the country

Micro economics covers the study of

• consumer behaviour

• unemployment

• fiscal system of an economy

• national income

which of the following is not correct?

• micro and macro economics are complementary to each other

• every macro economic problem required micro economic analysis for its proper understanding

• Micro economic behaviour can be added up to derive macro economic behaviour

• what is macro from national angle is micro from world angle

Micro economics does not cover

• consumer behaviour

• factor pricing

• general price level

• product pricing