Price mechanism and solutions - class-X
Description: price mechanism and solutions | |
Number of Questions: 100 | |
Created by: Prabha Kade | |
Tags: economic development market mechanism: equilibrium price and quantity in a competitive market economics market equilibrium supply solution to basic economic problems under different economic systems |
When a transaction is processed online, how can the merchant verify the customer's identity?
The reservation price for flowers is low.
Indian financial system has provisions for the transfer of resources from the center to the states; the important means of resource transfer are _________________.
Prices under price mechanism are determined by the ____________.
Forces of demand and supply operate within the framework of a market.
___________ markets are those markets where factor services are bought and sold.
Price mechanism operates in a ___________ economy
In a free-market economy, the services of ___________ are available only at some price.
______________ is the mechanism in which prices play a key role in directing the activities of producers, consumers and resource suppliers.
Forces of demand and supply operate within the framework of a/an __________.
Price helps in determining the allocation of scarce resources in the economy.
Identify the functions of price mechanism in a market economy.
___________ helps consumers to determine the level as well as the composition of consumption expenditure.
Price mechanism functions under the control of a specific controlling agency in the economy.
____________ is fundamental to the operation of a free-enterprise economy.
Price mechanism incorporates _________ in a market economy.
Factor remunerations are the payments made by the consumer to purchase services from a firm.
Goods markets are those markets where ___________ are brought and sold.
In a ____________ economy, the producer operates with the objective of profit-maximisation.
Which among the following is a function of price mechanism?
Which of the following conditions are required for price mechanism to operate in an economy?
Identify the conditions that are a pre-requisite for the price mechanism to operate.
Price mechanism will operate only when the market is regulated by the government.
Producers compete with each other in capitalist economy to produce those goods and services which yield _________.
Who determines what will be produced in a capitalist economy which is reflected by their spending pattern?
The cost of a commodity should reflect the sacrifice made by the ___________ in terms of resources used in the production process.
Misallocation of resources could take place in a free-enterprise economy due to which of the following?
Consumer is regarded as a ____________ in a market economy.
___________ are determined in the labour market by the demand for and the supply of labour force.
Producers will __________ the available resources when a change in price, and thus, a change in the profit, occurs.
Tastes and preferences of the consumers are reflected through the market in the form of prices they are ____________.
Factor income reflects the value of the resources provided by the factor of production.
Price mechanism is useful in determining the ___________.
Factors of production are paid according to their contribution to the output sold.
Distribution of total goods and services depends on the distribution of _________.
___________ is determined through price mechanism in the factor market.
Factor incomes are used by the factors of production to purchase goods and services, which determines the distribution of the output produced.
Under price mechanism, resources are directed to the production of luxuries than necessities, since the rich who demand luxury have a higher ability to pay.
The price mechanism has the advantage of preserving the freedom of various economic agents in the economy.
Price mechanism acts as a coordinating and organising force in a free-enterprise economy.
Producer will adopt capital-intensive technique of production when the price capital is relatively cheaper than the price of labour.
___________ is a myth since the wants of the consumers are influenced by the producers through advertisement, propaganda and salesmanship.
According to __________, the invisible hand of price mechanism ensures that while promoting their self-interest, individuals promote social welfare as well.
The problem of ___________ is solved under price mechanism by the determination of techniques or methods of production.
Absence of perfect competition under price mechanism leads to ____________.
When labour is relatively cheaper than capital, the producer will adopt ___________ technique of production.
Price mechanism has failed to function efficiently because _____________.
Free operating of price mechanism has led to the evils of monopoly power in the hands of the __________.
Price mechanism tends to create economic stability.
Free operation of price mechanism leads to inequalities in the distribution of income and wealth.
Under price mechanism, the inequalities of wealth grows over time because of the _____________.
Price mechanism still operates freely, without government intervention, in certain capitalist economies.
What are reasons due to which private producers do not take up production of public utilities?
According to the World Development Report 2006, brought out by the World Bank, countries with per capita income of Rs. 4,53,000 p.a. and above are called __________________.
Which of the following is a feature of market mechanism system in methods of allotting resource?
Reservation price is _________ expected price.
Other factors remaining constant, when price of a commodity rises, there is _____ of supply.
Apple juice and orange juice are substitutes in consumption and apple juice and apple sauce are substitutes in production. If the price of orange juice ________ or the price of apple sauce _____, then the price of apple juice will _______.
If there is a price ceiling, which of the following is NOT likely to occur?
Both households and societies face economic problems because _____________.
If resources are abundant, then opportunity costs will be _________.
Which of the following is correct?
Law of Variable Proportions is applicable to ________.
What is the full form of DFEC?
Scheme of Subsidies for setting up industries in backward regions leads to __________________.
The price of tomatoes increases and people buy tomato puree you infer that tomato puree and tomatoes are.
Which of the following is a reason for the negative slope of the PPF?
_____ is the main organisation for implementing Multilateral trade agreements.
Discovery of new technical knowledge and improvements in technology leads to _____________________.
Inflation means:
Multiple choice question:
In a market economy the consumers enjoy the freedom of choice between ____________.
Which of the following non-economic conditions serve as a pre-requisite for the operating of price mechanism in an economy?
Price mechanism is the instrument for determining the level of _________.
The imposition of ceiling on a monopoly's price will affect his ____________.
In a socialist economy, it is the responsibility of the ___________ to ensure that adequate amount of goods are made available to the people.
The planning authority decides 'what to produce' based on which of the following?
The planning authority allocates resources to the production of those commodities which people want.
In a socialist economy, the central planning authority takes decisions to solve which of the following problems of the economy?
Under a socialist economy framework, it is the responsibility of the central bank of the country to ensure that adequate amount of goods are made available to the people.
The planning authority of a socialist economy aims at ___________ distribution of income.
The planning authority is expected to choose a production technique that ensures that the available resources are _____________.
The economic problems in a mixed economy are solved with the use of ____________.
The government in a mixed economy seeks to control price mechanism through which of the following policies?
_______________ price mechanism operates in a socialist economy.
'From each according to his capacity and to each according to his work' is the principle of ___________, in a socialist economy.
The role played by price mechanism in a free-enterprise economy is taken up by the ___________ in a socialist economy.
The decision regarding distribution of income is taken by the planning authority in a capitalist economy.
The public sector under a mixed economy provides __________ so as to promote economic development.
Under mixed economy framework, free markets and price mechanism operate under the control and regulation of the government.
The government in a mixed economy controls production in _________ as well as _________ sector so as to ensure adequate availability of necessities.
The basic economic problems are solved in the public sector of a mixed economy through decision making by the planning authority.
In the private sector of a mixed economy, ____________ plays an important role in solving the basic economic problems.
The ___________ sector in a mixed economy decides 'what to produce and how much to produce' based on the overall national objectives.
Administered price mechanism is also called __________.
Under mixed economy, firms operating in both public and private sectors are left free to adjust their activities to the controlled market forces.
Which among the following influences the choice of method of production used by the public sector in a mixed economy?
It is not uncommon in a socialist economy that ______________.