The basic factors of production are land, labour, capital and _____
One of the characteristics of economic resource is scarcity. Which is the other?
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The basic assumption regarding resources while drawing a PPC is
A PPC is downward sloping and____________ to the origin. Choose the correct option.
What is the other name for opportunity cost in economics
In a centrally planned economy, the central problems are solved by
In a market economy, the central problems are solved by
An economy always produces on, but not inside a PPC.
The study of jute industry is a macroeconomic study. This statement is
Price determination of a commodity is a subject matter of microeconomics.
The study of general price level is a macroeconomic study. This statement is
In which economy do consumers and producers make choices based on market forces of supply and demand?
The positive economic analysis deals with the variables
If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to:
The horizontal demand curve parallel to x-axis implies that the elasticity of demand is:
139 videos|315 docs|136 tests
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139 videos|315 docs|136 tests
|