GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Should our firm be in this business?
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How much should be produced and at price should be kept?
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How will the product be placed in the market?
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How should we decrease unemployment in the economy?
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Detailed explanation-1: -The correct answer is (a) Should our firm be in this business?
Detailed explanation-2: -Business economics encompasses subjects such as the concept of scarcity, product factors, distribution, and consumption.
Detailed explanation-3: -Solutions for Which of the following statement is incorrect? a)Business economics is a normative in natureb)Business economics is closely related with statisticsc)Business economics only considers micro variablesd)Business economics is also called Managerial economicsCorrect answer is option ‘C’.
Detailed explanation-4: -CONSUMER’S EQUILIBRIUM is not included in the macro economics. It is a micro economic property since it is dealt with indivudual units of economy whereas the other options deal the economy as a whole. They are included in the National Income whereas CONSUMER’S Equilibrium is not included.
Detailed explanation-5: -growth Related: Chapter Notes-Nature and Purpose of Business? Employment generation is not an economic objective of a business.