1. Which from the following are features of a modern economy ?

 

2. The branch of economics concerned with the use of statistical methods to obtain empirical results for economic relations is known as ?

 

3. Which from the following economic resources cannot be converted into commodity ?

 

4. The branch of economics concerned with the behavior of markets, firms, and households is known as ?

 

5. When no firm or consumer is large enough to affect the market price, the market is assumed to have ?

 

6. Which from the following are the results of imperfect competition in the markets ?

 

7. The branch of economics concerned with overall performance of the economy is known as ?

 

8. Subsidies are used to encourage __________ of a commodity.

 

9. Taxes are used to discourage __________ of a commodity.

 

10. An economy is producing efficiently when no individual’s economic welfare can be improved unless ?