Shift of resources from one industry to another can be shown by
An inward shift of the production possibility frontier
A movement along the production possibility frontier
An outward shift of the production possibility frontier
The pivoting of the production possibility frontier
The most important measure of over all economic activity is a nations
GDP
GNP
NNP
Per capita income
________ of resources is necessary for the development of the economy.
Utilization
Growth
Wastage
Non - utilization
Assumptions of production possibility curve is/are
There are only two goods
Resources are not specific
Resources are fully employed
All of the above
Central problem of an economy can be
How to produce
What to produce
For whom to produce
Economic growth is a
Short run process
Long run process
No change
Increase in welfare
What is the main criterion used by the World Bank in classifying different countries?
Total income
Education level
Literacy rate
Development of a country can generally be determined by
Its per capita income
Its average literacy level
Health states of its people
All the above
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
Economic problem arises because of
Abundance of resources
Scarcity of resources
Alternative use of resources
Not using resources
