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MCQs

Total Questions : 235 | Page 6 of 24 pages
Question 51. Production possibility curve is always concave because ?
  1.    The curve gets steeper as we move downward
  2.    The marginal benefit decreases as more of a good is consumed
  3.    In reflects the law of increasing opportunity cost
  4.    Resources are scarce
 Discuss Question
Answer: Option C. -> In reflects the law of increasing opportunity cost
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 52. Amount of other products which must be foregone or sacrificed to obtain 1 unit of a specific good is called its______________?
  1.    Opportunity cost
  2.    Real cost
  3.    Economic cost
  4.    None
 Discuss Question
Answer: Option A. -> Opportunity cost
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 53. In________________ economics we look at desirability of certain aspects of the economy ?
  1.    Theoretical
  2.    Positive
  3.    Normative
  4.    None
 Discuss Question
Answer: Option C. -> Normative
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 54. All points on the production possibility curve explain__________________?
  1.    Allocative efficiency
  2.    Productive efficiency
  3.    Less than full use of resources
  4.    Unattainable levels of output
 Discuss Question
Answer: Option B. -> Productive efficiency
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 55. The activity of buying or selling with the motive of later reselling or re buying for profit is called ?
  1.    Spillover
  2.    Speculation
  3.    Specializing
  4.    All
 Discuss Question
Answer: Option B. -> Speculation
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 56. The amount by which a nation’s export of goods (or goods and services) exceeds its import of goods or goods and services is_______________?
  1.    Trade surplus
  2.    Trade deficit
  3.    Trade off
  4.    None
 Discuss Question
Answer: Option A. -> Trade surplus
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 57. Opportunity cost is illustrated by the___________________?
  1.    Steep slope
  2.    Downward slope
  3.    Positive slope
  4.    None
 Discuss Question
Answer: Option B. -> Downward slope
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 58. Directing domestic resources to output which a nation is highly efficient at producing is called____________________?
  1.    International Trade
  2.    Speculation
  3.    International specialization
  4.    None
 Discuss Question
Answer: Option C. -> International specialization
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 59. Any point inside the production possibility curve represents ?
  1.    Unemployment
  2.    Failure to achieve productive efficiency
  3.    Both A. and B.
  4.    None of these
 Discuss Question
Answer: Option C. -> Both A. and B.
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 60. A particular set of institutional arrangement and a coordinating mechanism is___________________?
  1.    Economic system
  2.    Fascism
  3.    Mixed system
  4.    None
 Discuss Question
Answer: Option A. -> Economic system
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!

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