Utility is a __________ concept.
social concept
subjective / psychological concept
potential concept
scientific concept
A successful entrepreneur is one who is ready to accept
Innovation
Risks
The location of the production unit
Low wages
Macro economics is otherwise known as
Welfare Economics
Development Economics
Aggregate Economics
Micro Economics
Short run production function means
At least one factor is in fixed supply
Two factors are in fixed supply
All factors are in fixed supply
One factor in variable supply
Wages paid in money terms is called
Real Wages
Nominal Wages
Theory of Wages
Low Wages
Which is not a factor of production?
Land
Labour
Car
Capital
Economics is the study of
Production Technology
Consumption Decisions
How society decides what, how and for whom to produce
The best way to run society
Due to scarcity of resources
Every society must undertake central planning
The government must decide how to allocate the available resources
Some members of each society only can live
Every society must choose among competing uses of available resources
The functional relationship between the quantities of inputs and output is called
Production Function
Fixed Proportion
Variable Proportion
Accumulation
