Rightward shift of production possibility curve means
Under utilization of resources
Economic growth
Production of capital goods only
Production of economic goods only
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
All of the above
What is the main criterion used by the World Bank in classifying different countries?
Total income
Per capita 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
What to produce is a question of
Efficient use of resources
Allocation of resources
Growth of Resources
Lack of resources
Central problem of an economy can be
How to produce
What to produce
For whom to produce
Assumptions of production possibility curve is/are
There are only two goods
Resources are not specific
Resources are fully employed
Problem of allocation of resources includes
Economic growth 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
A decision by the government to produce inside the production possibility frontier
