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
Rightward shift of production possibility curve means
Under utilization of resources
Economic growth
Production of capital goods only
Production of economic goods only
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
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
Economic problem arises because of
Abundance of resources
Scarcity of resources
Alternative use of resources
Not using resources
The most important measure of over all economic activity is a nations
GDP
GNP
NNP
Per capita income
Scarcity problem arises because our resources are
Unlimited
Limited
Sufficient
Vast
Central problem of an economy can be
How to produce
What to produce
For whom to produce
What is the main criterion used by the World Bank in classifying different countries?
Total income
Education level
Literacy rate
