What to produce is a question of
Efficient use of resources
Allocation of resources
Growth of Resources
Lack of resources
Scarcity problem arises because our resources are
Unlimited
Limited
Sufficient
Vast
Economic problem arises because of
Abundance of resources
Scarcity of resources
Alternative use of resources
Not using resources
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
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
________ of resources is necessary for the development of the economy.
Utilization
Growth
Wastage
Non - utilization
Central problem of an economy can be
How to produce
What to produce
For whom to produce
All of the above
Problem of allocation of resources includes
All the above
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
Rightward shift of production possibility curve means
Under utilization of resources
Economic growth
Production of capital goods only
Production of economic goods only