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Published on: 23/08/2019
Introduction to Economics
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Questions + Answers key
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1.
What does a rightward shift of pro-duction possibility curve indicate?
2.
What is meant by central problem of an economy?
3.
What is meant by economising of resources?
4.
What is the basic reason for economic problem in all economies?
5.
Which type of science is economics?
6.
State two features of resources that give rise to an economic problem?
7.
What is economics?
8.
What is meant by economy?
9.
What is a production possibility frontier?
10.
Which of the following is an assumption of Production Possibility Frontier?
Resources are not fully employed.
Resources are not equally efficient for production of the two goods.
Resources are not efficiently employed
Resources available are not fixed.
11.
Which of the following is not a subject matter of microeconomics?
Consumer's behavior
Market structure
Monetary Policy
Pricing of factor services
12.
Production Possibilities Curve is also known as
Demand curve
Supply curve
Indifference curve
Transformation curve
13.
Labour intensive technique is chosen in a
Labour surplus economy
Capital surplus economy
Developed economy.
Developing economy.
14.
Capital intensive technique is chosen in a
Labour surplus economy.
Capital surplus economy.
Developed economy.
Developing economy
15.
If the PPF is linear, i.e., a straight line, which one of the following statements is true?
As the production of a good increases , the opportunity cost of that good rises.
(b) As the production of a good increases , the opportunity cost of that good falls
Opportunity costs are constant
The economy is not at full employment when operating on the PPF.
16.
The central problem in economics is that of
Comparing the success of command versus market economies
Guaranteeing that production occurs in the most efficient manner.
Guaranteeing a minimum level of income for every citizen.
Allocating scarce resources in such a manner that society's unlimited needs or wants are satisfied in the best possible manner.
17.
The law of scarcity
Does not apply to rich, developed countries
Applies only to the less developed countries.
Implies that consumers' wants will be satisfied in a socialistic system.
Implies that consumers' wants will never be completely satisfied
18.
A 'Production Possibility Frontier' (PPF) is always represented as a upward sloping curve.
19.
If a PPF shifts to the right, the new PPF will be parallel to the original
20.
A job guarantee scheme will lead to a rightward shift of PPF.
21.
Because of destruction caused by war, a country's PPF will shift to the left.
22.
Economic problem arises due to plenty of resources.
23.
In the context of an economy when we talk about 'scarcity', we refer to short supply of land.
24.
An economy always manages to meet all the needs of the people living in the country.
1.
( )
It indicates growth of resources.
2.
( )
The problem of making a choice among alternative uses of resources is known as basic or central problem of an economy
3.
( )
Economising of resources means that resources are to be used in such a manner that maximum output is realised per unit of input. It also means optimum utilisation of resources.
4.
( )
It is scarcity of resources.
5.
( )
Economics is a social science.
6.
( )
The two features of resources that giverise to an economic problem are:
(i) Resources are limited.
(ii) They have alternative uses.
7.
( )
Economics is about studying economic problems arising due to limited means (having alternative uses) in relation to unlimited wants.
8.
( )
Economy is a system which provides people with the means to work and earn living.
9.
( )
Production possibility frontier is a curve which depicts all the possible combinations of two goods which can be produced with given resources and technology in an economy.
10.
(b)
Resources are not equally efficient for production of the two goods.
11.
(c)
Monetary Policy
12.
(d)
Transformation curve
13.
(a)
Labour surplus economy
14.
(b)
Capital surplus economy.
15.
(c)
Opportunity costs are constant
16.
(d)
Allocating scarce resources in such a manner that society's unlimited needs or wants are satisfied in the best possible manner.
17.
(d)
Implies that consumers' wants will never be completely satisfied
18.
(b)
19.
(b)
20.
(b)
21.
(a)
22.
(b)
23.
(b)
24.
(b)
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