#1 In which of the following market forms, a firm does not exercise control over price?
Perfect Competition is a market in which buyers and sellers are so numerous and well informed that all elements of monopoly are absent and the market price of a commodity is beyond the control of individual buyers and sellers.
#2 Lorenz curve shows
The Lorenz curve is a graphical representation of income inequality or wealth inequality developed by American economist Max Lorenz in 1905.
#3 An indifference curve measures _________ level of satisfaction derived from different combinations of commodity X and Y.
An indifference curve is a graph showing combination of two goods that give the consumer equal satisfaction and utility.
#4 Which one of the following is not a scheme or project ?
Department of Indian Systems of Medicine and Homoeopathy (ISM&H) was established in 1995 and renamed as Department of Ayurveda, Yoga & Naturopathy, Siddha, Unani and Homoeopathy (AYUSH) in November, 2003. It is not a scheme/project of present Government.
#5 Trickle down theory ignores the impact of economic growth on –
Trickle-down economics, or “trickle-down theory,” states that tax breaks and benefits for corporations and the wealthy will trickle down to everyone else. It argues for income and capital gains tax breaks or other financial benefits to large businesses, investors and entrepreneurs to stimulate economic growth. It ignores the impact of economic growth on income distribution.