The PPC is concave because of
Constant MOC
Increasing MOC
Decreasing MOC
None of these
------- 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
Scarcity and unlimited wants lead to the problem of
Production
Efficiency
Choice
Distribution
The planing authority solves the central problems in a
socialist economy
market economy
mixed economy
developed economy
The PPC is stright line because of
Which of the following is an explicit cost of production?
Rent
Land
Capital
Mnagement services
which one of the following is a feature of scarcity concept?
economics is a positive science
economics is a social science
our wants are unlimited
it is the study of only economic activities
The name associated with production possibility curve is
Keynes
Sameulson
J.B. Say
Adam Smith
The cost in terms of next best alternative sacrificed is
oppurtunity cost
total cost
average cost
The central problems are tackled in a market economy by
The government
the planning authority
market mechanism
Both the government and market mechanism
