HSC Exam Preparation (Economy First Paper)

Dear examinee, Today you are discussing the important question-answer and creative question-answer from economics first paper.
Wise Questions and Answers

The question Do not have the opportunity to earn personal profits in any financial system?
Answer: There is no scope to earn personal profit in the directional finance system.

The question Which state is owned by the state and its assets?
Answer: In the direction of financial system, the state is owned by the material and the elements of production.

The question Do not have any free competition among private entrepreneurs in any financial system?
Answer: Non-governmental entrepreneurs do not have free competition in directional finance.

The question In the direct directional finance system, whose actions are directed at all?
Answer: All activities in the actual directional finance system - the central planning is directed at the direction of the authorities.

The question In Russia, socialism has collapsed?
Answer: Socialism has collapsed in Russia in 1985.

The question How much is the beginning of socialism in Russia first?
Answer: After the Riyush Bipesnab in 1917, the beginning of socialism was first established in Russia under Lenin's leadership.

The question In the process of socialism, workers' wages are paid?
Answer: In Socialism, workers' wages are paid according to the amount and quality of work.
The question In any process, revenue and resources are divided into socialism?
Answer: Considering the need and the overall development of socialism, income and resources are distributed through ration cards.

The question What is a mixed economy?
Answer: In the financial system, in addition to private and private enterprises, government initiatives and control prevail, so the mixed fundraisers.

The question There is no finance in most countries of the world?
Answer: In most parts of the world, there is a mixed economy.

The question No money can be seen due to pure socialism or pure fundraising, not anywhere in the world?
Answer: Because of the absence of pure socialism or pure capital anywhere in the world, mixed economy is observed.

The question Mixed finance is formed on the basis of co-existence of several sectors?
Answer: Mixed finance is formed on the basis of co-existence of two sectors.

The question In a financial system, the state needs to control the price system?
Answer: In the case of mixed finance, the state needs to control the price system.

The question What is Islamic economy?
Answer: The Islamic economy based on the basic rules of Islam is the Islamic economy.

The question Does not discuss the isolated or partial field of human life in any financial system?
Answer: The Islamic economy is not discussing any isolated or partial field of human life, but discusses the entire field of human life.

The question Islamic economy is the source of sharia?
Answer: The source of Islamic economy is 4.

The question Which fundamental principle depends on the Islamic Sharia?
Answer: The basic principles of Islamic economy depend on Islamic Sharia.

The question What is the compulsory rate of zakat on the amount of wealth and accumulated income in the Islamic economy?
Answer: It is obligatory to pay zakat at 2.5 percent on the amount of wealth and accumulated income in the Islamic economy.

The question In every financial system, each person is given the right to earn dignity and livelihood?
Answer: In the Islamic economy every person is given the right to earn dignity and livelihood.

Creative Q & A

1. Mr. Gopinath Karmakar, working as an economic diplomat in Bangladesh's ambassador to Cuba. One day he met Cuban finance minister and came to know that the Cuban property owner is the state. Social welfare was ensured through the formation of an exploitationless society. Mr. Gopinath Karmakar said to him, there is also the status of private ownership as well as private ownership in Bangladesh.

Question: A What is the economic system?
Question: b. In central economics, the central authority determines the price.
Question: c. Write three differences between Cuba and Bangladesh's economy.
Question: d. What do you think should change in the Cuban economy to introduce similar finance system?

Answer: The economic activities of the people who are governed and controlled by the institutional structure and economic environment are called economic systems.

Answer: b The price determination process is a completely different method in the given economy. In this case, there is no price determined by the volatility of demand and supply automatically like capitalist system. In this system the price is determined by a national plan. Due to lack of private ownership in such a system, all the decisions related to the production were taken by the Central Planning Commission and the Planning Commission had already fixed certain items, how much will be produced. Due to this, the prices of commodities in the socialist economy are also determined by the government's recommendations in the recommendations of the central planning commission.

Answer-c The following three differences can be noted in Cuba and Bangladesh's economy:

1. The state is the owner of all assets in Cuba. Most of the resources in Bangladesh are privately owned, but there is also a lot of resources under State Ownership.
2. Production in Cuba is directed towards achieving maximum social welfare. But any production activity in Bangladesh is directed to achieve maximum possible profit