For every question, use the following options: A. Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A).B. Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).C. Assertion (A) is true, but Reason (R) is false.D. Assertion
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Topic 1: Scarcity, Choice and Opportunity Cost Q1. Match the situation with the economic concept involved. Column A A. A student has only one evening to prepare for two tests.B. A farmer uses land for wheat instead of vegetables.C. A family has many wants but limited income.D. A student selects studying instead of watching a
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Instructions For each question, consider Statements I, II and III and select the correct option: A. Only Statements I and II are correct.B. Only Statements II and III are correct.C. Only Statements I and III are correct.D. Statements I, II and III are correct. Topic 1: Scarcity, Choice and Opportunity Cost Q1. Riya has â‚ą500
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Topic 1: Scarcity, Choice and Opportunity Cost 1. A student has enough money to buy either a reference book or a pair of headphones. If the student chooses the book, the headphones represent the opportunity cost of that decision.True / False 2. Scarcity means that a resource is completely unavailable to everyone.True / False 3.
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Topic 1: Scarcity, Choice and Opportunity Cost 1. Riya has â‚ą500 and must choose between buying a reference book and going to a movie. If she chooses the book, the movie represents her __________. 2. A student has enough money to buy several things but only two hours available for study. In this situation, __________
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Topic 1: Meaning of Demand Q1. Riya wants to buy a laptop priced at â‚ą50,000 but currently has only â‚ą5,000 and cannot arrange the remaining money. Which statement best explains the situation? A. Riya’s desire automatically becomes demand.B. Riya has a desire but not effective demand because she cannot buy the laptop.C. Riya has demand
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Instructions For each question, choose the correct option: A. Both Assertion (A) and Reason (R) are true, and R is the correct explanation of A.B. Both Assertion (A) and Reason (R) are true, but R is not the correct explanation of A.C. Assertion (A) is true, but Reason (R) is false.D. Assertion (A) is false,
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Instructions For each question, read Statements I, II and III carefully and choose the correct option. A. Statements I and II are correct.B. Statements II and III are correct.C. Statements I and III are correct.D. Statements I, II and III are correct. Topic 1: Meaning of Demand Q1. Rahul wants to buy a laptop for
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Topic 1: Demand Q1. Column A Column B 1. Price of a product falls a. Demand may increase 2. Consumer income rises for a normal good b. Demand may decrease 3. Price of a substitute rises c. Demand may increase 4. Consumer preference changes against a product d. Demand may decrease Options:A. 1-a, 2-c, 3-b,
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Topic 1: Introduction to Markets 1. A market can exist even when buyers and sellers do not meet physically, provided they can interact through some system of exchange. 2. If a product has many sellers, the price of that product must always be lower than the price charged by a single seller. 3. Prices can
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