In a free market economy, allocation of resources is determined by
Select Your Answer (Keyboard: A, B, C, D)
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Introduction to Business EconomicsMCQMTP May 23Question 588 of 313
All Questions Correct Answer
✅ Option c — consumer preferences.
All Options:
- AVoting done by consumers
- Ba central planning authority.
- Cconsumer preferences.
- Dthe level of profits of firms.
Detailed Solution & Explanation
MTP May 23
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
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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
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