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Question-1
Problem of allocation of resources includes

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

Question-2 The most important measure of over all economic activity is a nations

(A) GDP	(B)GNP
(C)NNP	(D)Per capita income

Question-3 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-4
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

Question-5 Economic growth is a

(A) Short run process	(B)Long run process
(C)No change	(D)Increase in welfare

Question-6
Economic problem arises because of

(A) Abundance of resources	(B) Scarcity of resources
(C) Alternative use of resources	(D) Not using resources

Question-7
Production possibility curve is also called

(A) Opportunity cost curve	(B) Transformation curve
(C) Production possibility frontier	(D) All the above

Question-8 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-9
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-10
Problem of distribution of resources is reduced to

(A) For whom to produce	(B) What to produce
(C) Full utilization of resources	(D) Economic growth

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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