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1. Economic problem arises due to:
(a) limited wants
(b) scarce means
(c) alternative uses
(d) both (b) and (c)
2. Slope of production possibility curve is:
(a) a straight line
(b) convex to the point of origin
(c) concave to the point of origin
(d) none of these
3. The problem of 'what to produce' relates to:
(a) the choice of technique
(b) distribution of income
(c) market value of the goods and services
(d) the choice of goods and services
4. Which of the following is related to the problem 'how to produce'?
(a) Factoral distribution of income
(b) The choice of technique
(c) The choice of product
(d) None of these
5. In the diagram alongside (Fig. 16), inefficient use of resources is shown by:
(a) points 'A' and 'B'
(b) point 'D'
(c) point 'C'
(d) points 'C' and 'D'
6. When an economy is operating on the PPC, it indicates:
(a) potential output > actual output
(b) potential output = actual output
(c) potential output < actual output
(d) none of these
7. In Fig. 16, the unattainable combination of output is shown by:
(a) point 'A' and 'C'
(b) point 'B' and 'C'
(c) point 'A', 'B' and 'C'
(d) point 'D'
8. Increase (growth) of resources implies that production possibility curve:
(a) shifts to the right
(b) shifts to the left
(c) rotates to the right
(d) none of these
9. The opportunity cost of 100 kg of rice produced on a land which can also produce 80 tnnes of wheat is
(a) 100 kg of wheat
(b) 80 tonne of wheat
(c) 8000 tonne of wheat
(d) none of these
10.The following table shows the production possibility of cricket bats and sarees of an imaginary economy:
production of production of
cricket bat sarees
(in thousand) (in lakh)
0 75
1 70
2 62
3 50
4 30
5 0
If the production of cricket bats is increased from 3 thousand to 4 thousand, what is the opportunity
cost that the economy has to bear?
(a) Zero
(b) 8 lakh sarees
(c) 30 lakh sarees
(d) 20 lakh sarees
11. Concavity of PPC implies:
(a) increasing slope
(b) decreasing slope
(c) constant slope
(d) none of these
12. In Fig. 17, rotation of the PPC from ab to ab₁ shows:
(a) increase in resources
(b) decrease in resources
(c) improvement in technology of Good-A
(d) improvement in technology of Good-B
13. The shape of transformation curve is changed by:
(a) opportunity cost
(b) total cost
(c) marginal opportunity cost
(d) none of these
14. When some resources are shifted from Use-1 to Use-2 (given technology), the marginal rate of transformation:
(a) increases
(b) decreases
(c) remains constant
(d) is zero
15. Output of Good-X decreases by 500 units and output of Good-Y increases by 500 units, when some resources are shifted from the production of Good-X to production of Good-Y. The marginal opportunity cost is:
(a) 0.2
(b) 0.75
(c) 0.8
(d) 1.0
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