A. GNP
B. GDP
C. NDP
D. None of these
Agriculture Mcqs
“Wealth of nations” was written by……………..?
A. Lewis
B. Rostow
C. Keynes
D. Adam Smith
An analytic approach in which we move from general to particular from theory to facts is……………..?
A. Induction
B. Deduction
C. Specification
D. None
The process of deriving principles is called……………….?
A. theoretical economics
B. Economics analysis
C. Both A. and B.
D. None of these
The households and the business firms of the economy are called………………?
A. Public sector
B. Ptivate sector
C. Govt sector
D. None
A measure of average output or real output per unit of input is called………………..?
A. Efficiency
B. Production
C. Productivity
D. None
A market in which products households sell and firms buy resources or the services of resources is………………?
A. Resource market
B. Product market
C. Consumer market
D. Producer market
The price paid for the use of services of labour per unit of time is called………………?
A. Salary
B. Income
C. Wage
D. All
Failure to use all available economic resources to produce goods and services is called………………?
A. Unemployment
B. Underemployment
C. Inflation
D. Deflation
An economic system in which traditions and customs determine how the economy would use its scare resources ?
A. Traditional economy
B. Mixed economy
C. capitalistic economy
D. Command economy