________ of resources is necessary for the development of the economy.
Utilization
Growth
Wastage
Non - utilization
What is the main criterion used by the World Bank in classifying different countries?
Total income
Per capita income
Education level
Literacy rate
Economic growth is a
Short run process
Long run process
No change
Increase in welfare
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
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 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
Problem of allocation of resources includes
All the above
Problem of distribution of resources is reduced to
Full utilization of resources
Economic growth
