Category: Economics

A. Inefficient
B. Unattainable
C. Efficient
D. None of the above

CORRECT ANSWER IS: Efficient

A. Production Possibilities Frontier shifts outwards
B. Production Possibilities Frontier shifts inwards
C. Movement from inside the curve towards the curve
D. Movement along the production possibilities Frontier towards capital goods

CORRECT ANSWER IS: Production Possibilities Frontier shifts outwards

A. State and Private ownership of capital goods
B. Use of markets
C. State ownership of capital goods
D. Private ownership of capital goods

CORRECT ANSWER IS: Private ownership of capital goods

A. Unemployment
B. Scarcity
C. Poverty
D. Inflation

CORRECT ANSWER IS: Scarcity

A. Rising average cost
B. Constant average cost
C. Falling average cost
D. Positive average cost

CORRECT ANSWER IS: Falling average cost

A. Land, Labour, Natural Resources, Capital
B. Land, Labour, Capital, Technology
C. Land, Management Skills, Capital, Technology
D. Land, Labour, Capital, Enterprise

CORRECT ANSWER IS: Land, Labour, Capital, Enterprise

A. All factors of production can change
B. Capital can not be changed
C. Only one factor of production is fixed
D. Labour can not be changed

CORRECT ANSWER IS: All factors of production can change

A. All factors of production are fixed
B. Variable factors of production can change
C. All factors of production can change
D. None of the above

CORRECT ANSWER IS: Variable factors of production can change

A. Unskilled Labour
B. Traders
C. Land
D. Labour

CORRECT ANSWER IS: Land and Labour

A. Management of scarce resources to maximize utility.
B. Management of resources only.
C. Maximization of utility.
D. None of the above

CORRECT ANSWER IS: Management of scarce resources to maximize utility.