Bank PO Questions

Prices do not reflect the full social cost of production is an example of Market failure.

A market failure occurs when the supply of a good or service is insufficient to meet demand. This results in an inefficient distribution of resources among market participants.

It also occurs if externalities are not accounted for.

If a firm fails to maximize its profits this is not a general market failure.

Every ecosystem must have Autotrophs.

Sound intensity or level is measured by a unit called a decibel. An 85 decibel noise level is not a safe standard for the public.

Hence, Acceptable noise level for human ear is less than 85 db.

Economic resources are those goods and services that can be converted into valuable products for individual and business purposes.

There are four major types of economic resources:

1. land,

2. labor,

3. capital and

4. entrepreneurship.

Land and labor are natural and human resources, while capital means physical resources or money.

Entrepreneurship converts these resources into usable goods.

However, resources have finite values, and proper utilization depends on economic systems and economic decisions.

Plants developing in dry conditions are called as xerophytes.

The headquarters of Tea Board of India is in Kolkata, West Bengal.

We can never eat lunch and dinner for our breakfast.

Usain Bolt is branded as "Fast Man on Earth".