Economic growth is a
Short run process
Long run process
No change
Increase in welfare
Selection of production technique is a problem of
What to produce
How to produce
For whom to produce
All the above
________ of resources is necessary for the development of the economy.
Utilization
Growth
Wastage
Non - utilization
Rightward shift of production possibility curve means
Under utilization of resources
Economic growth
Production of capital goods only
Production of economic goods only
A shift of the production possibility curve to the right means
Expansion of factor input
Scope for greater choice
That the economy is able to produce more of the commodities than before
Demand supply equilibrium
Assumptions of production possibility curve is/are
There are only two goods
Resources are not specific
Resources are fully employed
All of the above
What to produce is a question of
Efficient use of resources
Allocation of resources
Growth of Resources
Lack of resources
What is the main criterion used by the World Bank in classifying different countries?
Total income
Per capita income
Education level
Literacy rate
Shape of production possibility curve is
Downward sloping concave to the origin
Downward sloping convex to the origin
Downward sloping straight line to the origin
