Consumer is sovereign under
Options
AFree Economy
BMixed Economy
CControlled Economy
DBoth (a) and (b)
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Introduction to Business EconomicsMTP Dec 22Question 619 of 209
All Questions Correct Answer
✅ Option d — Both (a) and (b)
All Options:
- AFree Economy
- BMixed Economy
- CControlled Economy
- DBoth (a) and (b)
About This Chapter: Introduction to Business Economics
Paper
Paper 4: Business Economics
Weightage
5%
Key Topics
Meaning, Scope, Price Mechanism
This chapter lays the groundwork for understanding Business Economics as a discipline. It covers the meaning, scope, and nature of economics — including key distinctions like Microeconomics vs Macroeconomics, Positive vs Normative economics, and the fundamental economic problem of scarcity. Students learn how businesses use economic principles for decision-making in a competitive marketplace.
View Official ICAI SyllabusExam Strategy Tip
Focus on definitions and distinctions between concepts. Questions often test whether you understand the difference between Micro and Macro, or Positive and Normative statements.
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More Questions from Introduction to Business Economics
$The greater the inequalities in the distribution of money incomes, the ______ the inequalities in the distribution of national output.$
$Economics is a branch of _____ focused on the production, distribution and consumption of goods and services.$
When we study why saving rates are high or low, we are studying:
A study of how increases in the corporate income tax rate will affect the nation unemployment rate is an example of
A study of how increases in the corporate income tax rate will affect the nation unemployment rate is an example of
Which of these country is a purely socialist economy?
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