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Question-1
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-2 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-3 Selection of production technique is a problem of

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

Question-4 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-5
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-6
Production possibility curve is also called

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

Question-7 Economic growth is a

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

Question-8 Scarcity problem arises because our resources are

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

Question-9 Shape of production possibility curve is

(A) Downward sloping concave to the origin	(B)Downward sloping convex to the origin
(C)Downward sloping straight line to the origin	(D)All of the above

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