56. The concept of economies of scale refers to:
a) The ability of firms to reduce costs as they increase production
b) The ability of firms to charge higher prices as they increase production
c) The ability of firms to differentiate their products from competitors
d) The ability of firms to control the market through advertising
57. Gross Domestic Product (GDP) measures:
a) The total value of goods and services produced in a country over a specific period
b) The total value of imports and exports in a country
c) The total value of consumption expenditures in a country
d) The total value of investment in a country
58. Per capita income is calculated by dividing:
a) Total income by the number of households
b) Total income by the total population
c) Total consumption by the total population
d) Total savings by the total population
59. The Lorenz curve is used to measure:
a) Income inequality in a society
b) The level of unemployment in an economy
c) The level of inflation in an economy
d) The rate of economic growth in a country
60. The poverty line in India is defined based on:
a) The number of individuals below a certain income threshold
b) The number of individuals without access to basic necessities
c) The number of individuals living in rural areas
d) The number of individuals employed in the formal sector
