Intro to Economics

Front

A point inside the PPC indicates

Back

Underutilization

Front

If there is improved technique of Production in both the goods, how will the PPC be affected?

Back

Rightward shift of PPC

Front

Which of the followings is not an assumption of PPC? Options: Resources in the economy are constant, The economy produces only two goods, There is no change in the technique of production, Resources are equally efficient in production of both the goods

Back

Resources are equally efficient in production of both the goods

Front

An economy operates on the PPC when: There is full & efficient utilization of resources, Inefficient utilization of resources, Creation of more Employment, Inflow of FDI in to the economy

Back

There is full & efficient utilization of resources

Front

Opportunity Cost is

Back

Value of the next best alternative activity forgone

Front

Less supply of a commodity in comparison to its demand is called

Back

Scarcity of resources

Front

Which of the followings is/are a quality of Resources? Options: They are unlimited, They are Scarce, They have no alternative uses, they are not scarce

Back

They are Scarce

Front

A PPC is downward sloping from left to right due to which of the following assumptions? Options: The economy produces only two goods, Resources are fixed, There is no change in technique of production, Resources are not equally efficient in producing both the goods

Back

Resources are fixed

Front

Describe the FoP of Land...

Back

all natural resources used to create other products

Front

Describe the FoP of Labor...

Back

efforts that earn wages