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- Question
The production possibilities curve illustrates the basic principle that
Options- A. if all the resources of an economy are in use, more of one good can be produced only if less of another good is produced.
- B. the production of more of any one good will in time require smaller and smaller sacrifices of other goods.
- C. an economy will automatically obtain full employment of its resources.
- D. an economy's capacity to produce increases in proportion to its population size.
- Correct Answer
- if all the resources of an economy are in use, more of one good can be produced only if less of another good is produced.
ExplanationA graph that describes the maximum amount of one good that can be produced for every possible level of production of the other good is nothing but a production possibilities curve.
- 1. Which of the following is a microeconomic statement?
Options- A. The price of personal computers declined last year.
- B. Unemployment was 6.8 percent of the labor force last year.
- C. The real domestic output increased by 2.5 percent last year.
- D. The general price level increased by 4 percent last year. Discuss
- 2. In the expansion phase of a business cycle
Options- A. economy moves from peak to trough
- B. economy moves from contraction to peak
- C. economy moves from trough to peak
- D. economy moves from trough to trough Discuss
- 3. Economic resources are also called Discuss
- 4. The law of demand states that other things equal
Options- A. as the price increases, the quantity demanded will decrease.
- B. as the price increases, the quantity demanded will increase.
- C. as the price decreases, the demand curve will shift to the right.
- D. as the price increases, the demand will decrease. Discuss
- 5. An increase in the quantity demanded means that
Options- A. The demand curve shifted to right
- B. Price of the product has declined
- C. Increase in consumer income
- D. All the above Discuss
- 6. A government subsidy to the producers of a product
Options- A. reduces product demand
- B. increases product supply
- C. reduces product supply
- D. increases product demand Discuss
- 7. Which property would be classified as expendable?
Options- A. Food given to Army
- B. Cement
- C. Paint
- D. All of the above Discuss
- 8. What was one outcome of laissez faire economic policies?
Options- A. Poverty traps that cannot be escaped through free choice
- B. Monopoly power that emerges naturally in the market and allows businesses to exploit consumers
- C. Businesses pay workers low
- D. All of the above Discuss
- 9. Which of the following is not a prime cost?
Options- A. Supervisor's wages
- B. Assembly line wages
- C. Machine operators wages
- D. Direct labor wages Discuss
- 10. The law of supply indicates that, other things equal
Options- A. sellers will offer more of a product at low prices than at high prices.
- B. buyers will purchase less of a good at high prices than at low prices.
- C. Sellers will offer more of a product at high prices than at low prices.
- D. the product supply curve is downward sloping. Discuss
Indian Economy problems
Search Results
Correct Answer: The price of personal computers declined last year.
Correct Answer: economy moves from trough to peak
Explanation:
Business cycles are identified as having four distinct phases:
1. Expansion,
2. Peak,
3. Contraction, and
4. Trough.
Expansion is the phase of the business cycle when the economy moves from a trough to a peak. It is a period when the level of business activity surges and gross domestic product (GDP) expands until it reaches a peak. A period of expansion is also known as an economic recovery.
An expansion is characterized by increasing employment, economic growth, and upward pressure on prices.
Correct Answer: Economic resources include land, labour, capital and entrepreneurship Entrepreneurship is also considered an economic resource because individuals are responsible for creating businesses and moving economic resources in the business environment These economic resources are also called as Factors of production
Correct Answer: as the price increases, the quantity demanded will decrease.
Correct Answer: All the above
Correct Answer: increases product supply
Correct Answer: All of the above
Explanation:
Expendable properties are those properties that are consume in use or that lose their identity in use. It also include those properties that become an integral part of other property when put to use and those properties which have an expected service life of less than one year.
Correct Answer: All of the above
Explanation:
Laissez-faire is simply a way to describe a government's hands-off approach to economic policies. This approach was particularly prevalent in the United States at the turn of the 20th century, which led to numerous issues within American manufacturing.
There are many outcomes of laissez-faire economic policies. Some of the outcomes of laissez-faire economics were:
* Businesses pay workers low.
* Pollution of air and water.
* Poverty traps that cannot be escaped through free choice.
* General glut that results from overproduction or underconsumption
* Monopoly power that emerges naturally in the market and allows businesses to exploit consumers.
* Exploitation of the working class that pushes wages down to subsistence and compels laborers to work in harsh and unsafe conditions.
* External economies that generate situations where desirable goods are underproduced on the market, and undesirable goods are overproduced on the market.
* Public goods that are not supplied by the market due to free-rider problems.
Correct Answer: Supervisor's wages
Explanation:
The prime cost calculates the use of raw materials and direct labor, but does not factor in indirect expenses, such as advertising and administrative costs.
Supervisor's wages doesn;t come under prime cost.
Correct Answer: Sellers will offer more of a product at high prices than at low prices.
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