Author: shivambajpai.cm@gmail.com
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Money and Banking
Section A: Multiple Choice Questions (MCQs) Q1. Which of the following is NOT a function of money? Answer: (c) Means of production Money serves as a medium of exchange, a store of value, and a standard of deferred payment, but it is not a means of production. Q2. The Reserve Bank of India was established…
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Money and Banking
Q:- Define moneyAns: — Money is anything which served as a medium of exchange and at the same timeacts as a measure and store of value.Q. What is Barter system Exchange? What are its drawbacks?Ans: – Barter system exchange means exchange of goods for goods.Drawback of Barter system Exchange:-1. Absence of common unit of measure2.…
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Understanding the Central Problems of an Economy
Understanding the Central Problems of an Economy and Their Solutions In economics, every society faces a fundamental challenge known as the central problems of an economy. These problems arise due to the scarcity of resources and the unlimited wants of individuals. The central problems are threefold: what to produce, how to produce, and for whom…
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What is Economics?
In this post we are going to discuss about the definition of economics. Definition of economics is not fixed it has evolved with the time and different economists defined economics as per their studies and challenges they faced to understand economics. Initially economics was not a separate subject it was studied as a part of…