The problem of choice arises because
human wants are unlimited
Resources are limited
wants are unlimited and resources are limited
None of these
Scarcity and unlimited wants lead to the problem of
Production
Efficiency
Choice
Distribution
The PPC is convex because of
Increasing MOC
Constant MOC
Decreasing MOC
Which of the following book was written by Alfred Marshall?
Principles of Economics
Wealth of Natons
General Theory
Nature and Significance of Economics
For whom to produce is an issue of
production
distribution
capital formation
Both A & B.
A centraly planned economy is also called
capitalist economy
Socialist economy
Communal economy
Mixed economy
The PPC is stright line because of
------- refers to the actual money expenditure of the business enterprises in purchasing or hiring the services of factor inputs.
Implicit cost
marginal cost
Social cost
Explicit cost
The technique of using more capital and less labour is known as
Capital intensive technique
Division of labour
Labour intensive technique
Intermediate technology
The central problems are tackled in a market economy by
The government
the planning authority
market mechanism
Both the government and market mechanism
