The PPC is convex because of
Increasing MOC
Constant MOC
Decreasing MOC
None of these
For whom to produce is an issue of
production
distribution
capital formation
Both A & B.
Production possibility curve is the boundary of all these combination of
two goods
three goods
four goods
only one good
The central problems are tackled in a market economy by
The government
the planning authority
market mechanism
Both the government and market mechanism
Scarcity and unlimited wants lead to the problem of
Production
Efficiency
Choice
Distribution
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 oppurtunity cost of a factor is its cost expressed in terms of
The next best alternative use
The final use
The best alternative use
Which of the following is an explicit cost of production?
Rent
Land
Capital
Mnagement services
The name associated with production possibility curve is
Keynes
Sameulson
J.B. Say
Adam Smith
The planing authority solves the central problems in a
socialist economy
market economy
mixed economy
developed economy
