Question 1

By __ growth rate of an economy can be speeded up.

Accepted Answer

Investment in human capital formation speeds up an economy's growth rate by enhancing the skills, knowledge, and abilities of its workforce, leading to increased productivity and innovation.

Question 2

When national income is calculated with reference to a base year, it is called:

Accepted Answer

When national income is calculated with reference to a base year, it is referred to as Real National Income. This method adjusts for inflation, providing a more accurate representation of an economy's size and how it changes over time.

Question 3

Which market structure symbolizes the existence of 'few sellers'?

Accepted Answer

Oligopoly is characterized by the presence of a few large sellers who dominate the market, making it difficult for new entrants to compete.

Question 4

Which among the following are the factors that determine the national income of a country?

Accepted Answer

All the options listed are factors that determine the national income of a country. Quantity and quality of factors of production, the state of technical knowledge, and economic and political stability all play significant roles in influencing a country's economic performance and thus its national income.

Quiz 1: Economic Essentials: Demand, Supply, Taxation, and Monetary Policy

By __ growth rate of an economy can be speeded up.

When national income is calculated with reference to a base year, it is called:

Which market structure symbolizes the existence of 'few sellers'?

Which among the following are the factors that determine the national income of a country?