Problem of distribution of resources is reduced to
For whom to produce
What to produce
Full utilization of resources
Economic growth
Choice is fundamental to economic behaviours because
People fund it difficult to choose what they want
Resources are scarce in relation to wants
Price depend on people making choice
Resource scarce
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
Economic growth is a
Short run process
Long run process
No change
Increase in welfare
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
________ of resources is necessary for the development of the economy.
Utilization
Growth
Wastage
Non - utilization
Selection of production technique is a problem of
How to produce
All the above
Central problem of an economy can be
All of the above
Scarcity problem arises because our resources are
Unlimited
Limited
Sufficient
Vast
What to produce is a question of
Efficient use of resources
Allocation of resources
Growth of Resources
Lack of resources
