CENTRAL PROBLEMS OF ECONOMY

What causes economic problems?

• Unlimited Wants

• Unlimited resources

• Limited or Scare means

• Alternative Uses

Under How to produce? The problem is concerned with the choice of ______________

What are types of technique of production?

• Labor Intensive Technique

• Capital Intensive Technique

• Both A and B

• Other

Market Economy is on the basis of

• Social consideration

• Supply and Demand forces in the market

• both A and B

• Other

Central Planned Economy is on the basis of

• Maximizing social welfare

• Supply and Demand forces in the market

• Both A and B

• Other

What do you mean by Marginal Opportunity Cost ?

• It is the ratio between the loss of output and gain of output

• It refers to the total loss of output

• It is the ratio between the loss of input and gain of input

• Both B and C

What do you mean by Opportunity cost?

• Is the value of a factor in its next best alternative use.

• Is the value of factor in its previous alternative use

• Both A and B

Full form of MOC

Economic problems arises due to

• Limited wants

• Scare means

• Alternative uses

• Both B and C

OC full form