Which one is odd?

1. Economic Policies

2. Economic Planning

3. Socio-cultural factors

4. Macroeconomic scenario

This question was previously asked in
UGC Paper 2: Commerce 6th Dec 2019 Shift 2
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  1. 1
  2. 2
  3. 3
  4. 4

Answer (Detailed Solution Below)

Option 3 : 3
Free
UGC NET Paper 1: Held on 21st August 2024 Shift 1
50 Qs. 100 Marks 60 Mins

Detailed Solution

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Socio-Cultural factors are the odd ones.

Sociocultural factors are the larger scale forces within cultures and societies that affect the thoughts, feelings, and behaviors.

Such factors include:

  • Attitudes
  • Child-rearing practices
  • Cross-cultural difference
  • Cultural deprivation
  • Cultural identity
  • Culture change
  • Discrimination
  • Ethnic identity
  • Ethnic values, etc

Other options are pertaining to Economic Environment like:

1. Economic Policies: An economic policy is a course of action that is intended to influence or control the behavior of the economy. Examples of economic policies include decisions made about government spending and taxation, about the redistribution of income from rich to poor, and about the supply of money.

2. Economic Planning: Economic planning is a resource allocation system based on a computational procedure for solving a constrained maximization problem with an iterative process for obtaining its solution. Planning is a mechanism for the allocation of resources between and within organizations contrasted with the market mechanism.

3. Macroeconomic scenario: As the term implies, macroeconomics looks at the overall, big-picture scenario of the economy. Put simply, it focuses on the way the economy performs as a whole and then analyzes how different sectors of the economy relate to one another to understand how the aggregate functions.

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