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Question-1 Assumptions of production possibility curve is/are

(A) There are only two goods	(B)Resources are not specific
(C)Resources are fully employed	(D)All of the above

Question-2
What to produce is a question of

(A) Efficient use of resources	(B) Allocation of resources
(C) Growth of Resources	(D) Lack of resources

Question-3
Problem of allocation of resources includes

(A) What to produce	(B) How to produce
(C) For whom to produce	(D) All the above

Question-4 Choice is fundamental to economic behaviours because

(A) People fund it difficult to choose what they want	(B)Resources are scarce in relation to wants
(C)Price depend on people making choice	(D)Resource scarce

Question-5
Economic growth can be shown by

(A) An inward shift of the production possibility frontier	(B) A movement along the production possibility frontier
(C) An outward shift of the production possibility frontier	(D) A decision by the government to produce inside the production possibility frontier

Question-6
________ of resources is necessary for the development of the economy.

(A) Utilization	(B) Growth
(C) Wastage	(D) Non - utilization

Question-7 A shift of the production possibility curve to the right means

(A) Expansion of factor input	(B)Scope for greater choice
(C)That the economy is able to produce more of the commodities than before	(D)Demand supply equilibrium

Question-8 Scarcity problem arises because our resources are

(A) Unlimited	(B)Limited
(C)Sufficient	(D)vast

Question-9 What is the main criterion used by the World Bank in classifying different countries?

(A) Total income	(B)Per capita income
(C)Education level	(D)Literacy rate

Question-10
Rightward shift of production possibility curve means

(A) Under utilization of resources	(B) Economic growth
(C) Production of capital goods only	(D) Production of economic goods only

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Plus 1 Commerce

ICSE/ISC

Practice in Related Chapters
Basic Economic Concepts
Definition, Nature and Scope of Economics
Introduction to Statistics
Types of Economics
Organisation of Data
Collection of Data
Definition of Economics
Basic Problems of an Economy