What is the main criterion used by the World Bank in classifying different countries?
Total income
Per capita income
Education level
Literacy rate
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
Problem of distribution of resources is reduced to
Full utilization of resources
Economic growth
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
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
The most important measure of over all economic activity is a nations
GDP
GNP
NNP
Development of a country can generally be determined by
Its per capita income
Its average literacy level
Health states of its people
Rightward shift of production possibility curve means
Under utilization of resources
Production of capital goods only
Production of economic goods only
