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.

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

Solution : The correct answer is (a) Statement 1 is true, and statement 2 is false.

Statement 1 is true: Positive economics aims to determine how changes in the price of a good affect its quantity demanded. It focuses on objective analysis and explaining economic phenomena as they are.

Statement 2 is false: Normative economics involves making value judgments and prescribing what economic policies should be implemented. It is concerned with how things should be rather than analyzing the impact of specific government policies on consumer behavior.

Therefore, statement 1 is true, and statement 2 is false.

Correct Answer: 3 : 5

Solution : Students opting for Economics in 2020 = 75
Students opting for Physical Education in 2020 = 125
Required ratio = 75 : 125 = 3 : 5
Hence, the correct answer is 3 : 5.

Correct Answer: Reallocation of resources
 

Solution : Under allocation of resources Government imposes heavy taxation to discourage the consumption of harmful consumption goods like liquor, cigarettes, etc. It is a part of tax concessions or subsidies under allocation of resources.
Hence Option A is correct.

Hello,

If you are planning to pursue BSc in Economics from college other than DU, then you won't face any issue as other colleges don't have the eligibility criteria to have maths as a subject in class 12th but if you are planning to pursue from Delhi University or colleges under Delhi University, then you won't be eligible as they have mathematics as a compulsory subject for admission

I hope this helps,

Thank you

Correct Answer: protectionism

Solution : The correct choice is the first option.

The sentence talks about nations moving towards something after World War I as they launched import taxes to more closely guard their industries. The term that best fits the context is protectionism. It refers to the policy or practice of protecting a country's industries by imposing tariffs or quotas on imported goods, thereby shielding domestic industries from foreign competition.

The meanings of other options are as follows:

• Integration: It refers to the process of combining or coordinating different elements into a unified whole.
• Liberalisation: It involves the relaxation of government regulations or restrictions, especially in the economic sphere.
• Diversification: It refers to the strategy of expanding or varying products, services, or markets to reduce risk by spreading investments across different areas.

Correct Answer: Gresham's Law

Solution : The correct option is Gresham's Law.

Gresham's law is an economic principle that states that bad money drives out good money. It is a monetary principle that can be applied to the currency markets. Good money means any currency or coin whose legal tender value and the value of the commodity do not differ much. Bad money means any currency or coin whose legal tender value and the value of a commodity have a huge difference.

Correct Answer: Adam Smith

Solution : The correct answer is Adam Smith. 

Smith is often regarded as the founder of modern economics and his book An Inquiry into the Nature and Causes of the Wealth of Nations (1776) is widely regarded as one of the most significant works in the discipline. Smith defined economics in the book as the study of how products and services are generated, dispersed and consumed. He contends that the free market is the most efficient technique for allocating resources and creating prosperity.