The cost in terms of next best alternative sacrificed is
marginal cost
oppurtunity cost
total cost
average cost
If a nation gains from trade, its consumption point is
On its production possibility curve
Inside its production poddibility curve
Above its production possibility curve
All are possible
The PPC is convex because of
Increasing MOC
Constant MOC
Decreasing MOC
None of these
Scarcity and unlimited wants lead to the problem of
Production
Efficiency
Choice
Distribution
The technique of using more capital and less labour is known as
Capital intensive technique
Division of labour
Labour intensive technique
Intermediate technology
By economising resources we mean
Making the use of resources
Using less resources
Not using resources
The PPC is stright line because of
For whom to produce is an issue of
production
distribution
capital formation
Both A & B.
The central problems are tackled in a market economy by
The government
the planning authority
market mechanism
Both the government and market mechanism
The name associated with production possibility curve is
Keynes
Sameulson
J.B. Say
Adam Smith
