Correct Answer: Statement 1 is true and statement 2 is false.

Solution : The term entrepreneur was first introduced in economics by the early 18th century. It was introduced by a French economist Richard Cantillon.

Hence, option C is correct.

Correct Answer: Economics and English by 8

Solution : The combined highest score of Accounts and Business Studies = (96 + 96) = 192
The combined highest score of Economics and English = (100 + 100) = 200
So the combined highest score of Economics and English is better by (200 – 192) = 8 marks
Hence, the correct answer is Economics and English by 8.

Correct Answer: allocating scarce resources in such a manner that society's unlimited needs or wants are satisfied in the best possible manner.

Solution : The correct answer is (d) allocating scarce resources in such a manner that society's unlimited needs or wants are satisfied in the best possible manner.

The central problem in economics is how to allocate scarce resources in a way that satisfies society's needs and wants as best as possible. This is a difficult problem because resources are limited, but human wants are unlimited.

Correct Answer: Tax cuts for corporations will stimulate economic growth.

Solution : The correct answer is (b) Tax cuts for corporations will stimulate economic growth.

Tax cuts for corporations will stimulate economic growth is an example of positive economics because it presents a cause-and-effect relationship based on empirical evidence and economic analysis. It suggests that tax cuts for corporations will lead to an increase in economic growth. Positive economics focuses on analyzing economic data and facts to provide objective analysis and understanding of how the economy functions.

Correct Answer: United Nations Statistical Office

Solution : The correct answer is the United Nations Statistical Office.

Formerly known as the United Nations Statistical Office, the United Nations Statistics Division (UNSD), under the Department of Economic and Social Affairs (DESA) of the UN Secretariat, is responsible for providing the necessary statistics and coordinating the efforts of the international statistical system.

The United Nations Statistical Office provided an examination of the relationship between the environment and the economy in the economic environmental accounting system.

Correct Answer: Who will receive the output

Solution : The correct answer is (a) Who will receive the output.

The distribution question in economics pertains to how the produced goods and services are allocated among individuals or groups in society. It involves determining who will receive the output of the economy's production. This encompasses issues of income distribution, wealth distribution, and the fairness or equity of how resources and benefits are distributed among the members of society.

Correct Answer: Mathematics

Solution : 1. Biology is just left of Hindi facing the South direction. Hindi and Chemistry are in the same rack but are not neighbours.       
2. Biology is placed exactly opposite to Economics. Physics is exactly opposite to Chemistry.

So,  Mathematics is the opposite of Hindi. Hence, the fourth option is correct.

Correct Answer: Reducing income inequalities
 

Solution : Under reducing inequalities of income and wealth, Government high amount of taxation is imposed on rich class and more welfare is given to poor.
Hence Option B is correct.

Correct Answer: Increasing the minimum wage will reduce poverty rates.

Solution : The correct answer is (a) Increasing the minimum wage will reduce poverty rates

Positive economics involves analyzing economic data and facts to provide objective analysis and understanding of how the economy functions. The statement about increasing the minimum wage and its potential impact on poverty rates is based on empirical evidence and economic analysis, which falls within the realm of positive economics.

Correct Answer: advances

Solution : The correct choice is the second option.

The sentence talks about the changes that occurred during the 19th century in transportation and communication that eased trade across borders. The term, advances fits contextually as it refers to improvements or developments in transportation and communication technologies. These advancements facilitated and made trade easier, aligning with the context of the sentence.

The meanings of other options are as follows:

• Chaos refers to confusion or disorder.
• Issues refer to problems or challenges.
• Decline refers to a decrease or reduction in something.