Introduction to Micro Economics

1,What is the shape of a production possibility curve?

• Convex to origin

• Concave to origin

• Horizontal

• Vertical

2,How does a market economy solve central economic problems?

• Central planning

• Price mechanism

• Both (i) and (ii

• None of the above

3. 3. Scarcity definition was given by:

• Adam Smith

• Alfred Marshal

• Lionel Robbins

• Samuelson

6, Give 2 examples of resources in economics

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Identify the Graph?

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1. 8. An investigation in economics concerned with it is rather than what ought to be?

• Positive Economics

• Normative Economics

• Micro Economics

• Macro Economics