Question : One of the following is "Labour" in economics.
Option 1: A musician performing for a benefit fund
Option 2: A painter working for his pleasure
Option 3: Reading a book as a hobby
Option 4: A mother teaching her son
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Correct Answer: A musician performing for a benefit fund
Solution : The correct answer is A musician performing for a benefit fund.
In economics, a musician performing for a benefit fund is considered labour. In economics, labour refers to the physical and mental work that individuals put in to generate products and services. It can be done for money or for free, and it can be done for oneself or others. In the example of a musician performing for a benefit fund, the musician expends physical and mental energy to create good (music) consumed by others.
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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 : 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
Question : Direction: Study the bar diagram and answer the following question. The bar diagram shows the number of bicycles parked in the parking space of a hall at various points in time. The charge for parking is INR 1 per hour. What will be the total collection from 9 am to 7 pm?
Option 1: INR 625
Option 2: INR 635
Option 3: INR 685
Option 4: INR 695
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