Question

1.       What is Logic Error ?

(a)    Explain the following

(i)                  Post HOC Error

(ii)                Fallacy of composition

(iii)               Fallacy of Division

2.       Explain the meaning of

(i)                  Savings

(ii)                Investment

3.       What the meaning of Production Possibilities and Production Frontier

4.       Write on the following

(i)                  Opportunity Cost

(ii)                Explicit cost

(iii)               Implicit cost

(iv)               Resource Available

(v)                Technology Available

(vi)               100% Utilization available

5.       What are the qualities of Economic Society and explain them in detail.

(a)    What are the prices of Common stocks and explain them

Answer 1

1) Logic error is a unidentified output which is a bug or a crash in the program that we operate.

a) Post Hoc Error: ANy number of events that are followed by other which we beleive that one causes the other event.Which is a logical fallacy

b) Fallacy of composition: It is a false assumption that an one part of segement is true it is true for the whole segment.

c) Fallacy of division is that arguing that if an assumption is true for whole segemnt than it is also true of small parts in the segment.

2) i) Savings: The amount that is left over from income after our expenditures is called savings.

ii) Investments:It is something that we purchase with a mere hope that it will generate income for us in some way or the other.

4) i) Oppurtunity cost: Choosing one alternative for other and loosing all the benefits of other alternatives.

ii) Explicit cost: It is direct payemnt made for running any form of busniess

iii) Implicit cost: Cost which is not shown as a seperate expense is called a implicit cost.