Economic growth refers to

• prevention of concentration of wealth

• continuous growth of national income for atleast two years

• continuous growth of per capita real income over a period of time in an economy.

• continuous growth of agriculture sector

Which of the following statements is incorrect?

 

• The central problem of an economy is the problem of allocation of resources

• Economy faces the problem of utilization of resources

• Economy faces the problem of growth of resources

• Econonmy faces the problem of excess of resources

In the case of direct taxes, the payment liability and the ultimate burden of the tax lies upon

• the person on whom it has been imposed

• the person on whom it has not been imposed

• the tax department who collects the taxes

• both on whom it has been imposed and on whom it is not imposed

Interest paid to a bank for a crop loan is 

• a transfer payment

• a factor payment

• capital formation

• intermediate consumption

If only a part of the labour force employed by a firm can be dismissed at anytime and without pay, the total wages and salaries paid by the firm must be considered.

•  a variable cost

• a fixed cost

• partly a fixed cost and partly a variable cost

• Neither a fixed cost nor a variable cost