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
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
The cost in terms of next best alternative sacrificed is
oppurtunity cost
total cost
average cost
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.
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
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
By economising resources we mean
Making the use of resources
Using less resources
Not using resources
Production possibility curve is the boundary of all these combination of
two goods
three goods
four goods
only one good
