Define Economics
Briefly describe the term economics?
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Economics is generally stated as the problem of how better to distribute sufficient resources, limited because needs are characterized as unconstrained, however common sense tells us that rather than inadequate resources, there is a profusion of resources. The differentiation is one of perspective and this is core to any another understanding of the economics. If wants are focus, then of course resources are inadequate by definition, however if minimum wants or essentials are employed as the foundation, then resources are seen to be plentiful. The differentiation is between a description and a clarification. A focus on needs or desires defines a market situation, while a focus on essentials or wants allows a clarification of choices to begin.
Give the answer of following question. For the firm, the major goal of profit sharing plans is to: A) force workers to incur some of the business risk. B) overcome the monopsony problem of having to pay higher wages to attract additional workers. C) overcome the princ
Assume that an equipment or software firm has copyrights and patents which restrict other firms from producing goods embodying its technology, and which the firm is shielded from competition since customers can deal along with each other at lower costs when they utili
LoCalLoCarbo that is Favorite Corporation of fad dieters, which can maximize its total revenue when this produces: (1) output q2 and charges a price equal to P1. (2) output q3 and charges a price of more than P2 althou
Firms which agreed to hire only workers who were already the union members would be operating: (1) Agency shops. (2) Bilateral monopolies. (3) Monopsonistic shops. (4) Union shops. (5) Closed shops. Choose the right answer from the
Suppose a doctor has a private clinic in New Delhi and his annual earnings are of Rs10 lakh. When he works in a Government Hospital in New Delhi, his annual earnings are of Rs 8 lakh. Determine the opportunity cost of encompassing a clinic in New Delhi?
I have a problem in economics on Labor Unions-Union membership. Please help me in the following question. The union membership is most widespread among: (1) White collar workers. (2) Managers and Supervisors. (3) Blue collar workers. (4) Young, upward
The arc elasticity of demand of Ajax for labor in between point b and point c is approximately: (1) 0.30. (2) 0.60. (3) 0.90. (4) one. (5) two. Q : Monopoly a monopolist has two plants a monopolist has two plants with two different cost functions.given output for one plantis given how do calculate output for the other plant?
a monopolist has two plants with two different cost functions.given output for one plantis given how do calculate output for the other plant?
An increase within investor optimism will cause: (w) interest rates to rise. (x) slower technology advances. (y) slumps in business construction. (z) interest rates to fall. Please choose the right answer from abov
Capital expenditure: Any expenditure which will lead to formation of an asset or reduction in liability. This is financed out of capital receipts of government. Illustrations: Expenses on construction of roads, canals, bridges, grant of loans by the c
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