Question : In terms of economics, if it is possible to make someone better off without making someone worse off, then the situation is
Option 1: inefficient
Option 2: efficient
Option 3: optimal
Option 4: pareto-superior
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Correct Answer: pareto-superior
Solution : The correct answer is Pareto-superior.
In economics, if it is achievable to make one person better off without making another person worse off, the scenario is referred to as a Pareto improvement or efficiency. A Pareto improvement happens when the well-being or utility of at least one individual is raised without reducing the well-being or usefulness of any other individual.
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Question : "Economics is what it ought to be" - This statement refers to
Option 1: Normative economics
Option 2: Positive economics
Option 3: Monetary economics
Option 4: Fiscal economics
Question : Choose the most appropriate meaning of the underlined phrase.
Many analysts are tipping stable, blue-chip companies to weather the storm.
Option 1: to deal with a simple situation without being harmed
Option 2: to deal with a situation without thinking
Option 3: to deal with a difficult situation without being harmed
Option 4: to deal with a simple situation without harming anyone else
Question : Price theory is also known as
Option 1: Macro Economics
Option 2: Development Economics
Option 3: Public Economics
Option 4: Micro Economics
Question : Directions: In the question, a part of the sentence is in bold. Below are given alternatives to the bold part at (1), (2), and (3) that may improve the sentence. Choose the correct alternative. In case no improvement is needed, your answer is (4).
Honesty is more superior than riches.
(1) far superior than
(2) superior to
(3) more superior to
(4) No Improvement
Option 1: (1)
Option 2: (2)
Option 3: (3)
Option 4: (4)
Question : If $(2^{3})^{2} = 4^{x}$, then $3^{x}$ is equal to:
Option 1: $3$
Option 2: $6$
Option 3: $9$
Option 4: $27$
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