WorksheetsCENTRAL PROBLEMS OF ECONOMY
Total questions: 10
Worksheet time: 6mins
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 (a)
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
(a)
Economic problems arises due to
Limited wants
Scare means
Alternative uses
Both B and C
OC full form
(a)
