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Everyday Science Questions & Answers Section 45

This is the 45 section from Everyday Science. These questions and answers will be from Microeconomics, Economic and event.

Ques No.1: The branch of economics concerned with the behavior of markets, firms, and households is known as

Ans: Microeconomics

Ques No.2: An economy is producing efficiently when no individual's economic welfare can be improved unless

Ans: Someone else is made worse off

Ques No.3: Taxes are used to discourage________of a commodity.

Ans: Consumption

Ques No.4: Subsidies are used to encourage_________of a commodity.

Ans: Production

Ques No.5: Which from the following economics resources cannot be converted into commodity?

Ans: Labour

Ques No.6: Which from the following are features of a modern economy?

Ans: Specialization, Division of Labor and Financial Markets

Ques No.7: When no firm or consumer is large enough to effect the market price, the market is assumed to have

Ans: Perfect competition

Ques No.8: Which from the following are the results of imperfect competition in the markets?

Ans: Monopolies, Externalities and Public Goods

Ques No.9: When one event occurred before another event, the fallacy in economic reasoning that the first event caused the second event is called

Ans: The post hoc fallacy

Ques No.10: When we assume that what is true for the part is also true for the whole, we are committing

Ans: The fallacy of composition

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