Economics - Study Mode

[#601] Business Economics is a subject which
Correct Answer

(C) deals with the tools of economics used for decision making in business

[#602] At a point of satiety for a commodity, the marginal utility is
Correct Answer

(C) Zero

[#603] Passive factor of production is
Correct Answer

(C) Both Land & Capital

Explanation

Solution: Passive factor of production is both Land & Capital.

[#604] Under law of demand
Correct Answer

(D) All of the above

Explanation

Solution: Under law of demand Price of commodity is an independent variable, Quantity demanded is a dependent variable and Reciprocal relationship is found between price and quantity demanded.

[#605] Mixed economy means an economy where
Correct Answer

(B) There is co-existence of public sector along with private sector

Explanation

Solution: Mixed economy means an economy where there is co-existence of public sector along with private sector. All modern economies are mixed where the means of production are shared between the private and public sectors. Also called dual economy.