Timings :1 hour TEST Max.Marks 58 Choose the most appropriate answer from the given options in respect of the following : 1)”Economics is the study of mankind in the ordinary business of life” was given by : a) Adam Smith b)Lord Robbins c)Alfred Marshall d)Samuelson 2)A capitalist economy uses as the principal means of allocating resources a)Demand b)Supply c)Efficiency d)Price 3)The commodity whose demand is associated
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management Scientific management: these fundamental interests are the same since both benefit from each other (long term) Employer (high wages) benefits employee (low labor cost for manufacturing); vice versa Various viewpoints on this issue and how much employees should get paid for X amount of work Greatest prosperity = one reaches highest efficiency largest daily output Greatest permanent prosperity = each man and machine largest possible output and low cost (to gain max profit; more than
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Organ Sales Wouldn’t a person do anything to stay alive? The fastest way to get an organ is to buy it. As the person waits‚ the lesser chance for herself/himself to get better or stay alive. The government should legalize organ sales to increase the supply of organs in order to save more lives; there will not be a shortage of organs when needed. Since there were always been shortage and conflicts on organ donation‚ it would be better to legalize selling and buying organs because many
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failures of each. First the Dutch integration policy will be discussed followed by the policy of minimum wage in the UK. The Dutch Integration policy was questioned and
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That involves‚ in large part‚ being the sort of ruler that your people can get behind. This is why Machiavelli advises against depleting the nation’s treasury and in favor of moving to newly acquired territory to live closely to your new people. Staying in power is due in large part to being an effective and appreciated ruler. Making the people love
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better‚ its historical background should be evaluated. The idea of a credible and effective CFSP has been a constant theme of European integration since the early 1950’s. The failure of the EDC Project in 1950’s was followed by “Fouchet Plan”in 1960’s. After two desperate initiatives‚ last but successful initiative was the establishment of European Political Cooperation (EPC) in 1970’s and 1980’s which enabled the construction of the CFSP in large scale. The modest experience of the EPC‚ therefore
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Explore Yahuda’s argument that increasing economic interdependence between China and Japan does not necessarily spell stability in the relationship. Through critical analysis of Yahuda’s article‚ exploring the complex and paradoxical relationship of both China and Japan’s economic and political ties; there is an abundance of evidence suggesting the increasing economic relations between the two countries‚ whilst simultaneously addressing the declination of political ties. Factually‚ Yahuda’s article
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these terms mentioned are sub-categories of economics itself. As the names of ‘micro’ and ‘macro’ imply‚ microeconomics facilitates decisions of smaller business sectors‚ and macroeconomics focuses on entire economies and industries. These two economies are mutually dependent‚ and together‚ they develop the strategy for the overall growth of an organization. They are the two most important fields in economics‚ and are necessary for the rise in the economy. Microeconomics focuses on the market’s supply
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The profound economic change that occurred in the early 1900’s was largely influenced and formed by the industrial revolution‚ in particular the second wave that occurred in the late 1800’s. The revolution as a whole resulted in the change from economies based on agriculture and farming‚ to industry based profits. This second wave of the revolution not only refined and improved the prior inventions of iron and coal‚ but brought with it new highly developed technologies such as steel‚ electricity
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Economics is production‚ distribution‚ and consumption of goods and services‚ or the material welfare of humankind. A couple things ive learned in economics class is the free market system and how goods and services can determine a free interprice system. It also helps us to know what is relationship between demand and supply. Another thing i learned about was how to plan a business and what is needed to make this business become successful by doing the business plan project which made me understand
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