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
