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- Question
If the production possibilities curve was a straight line, this would imply that
Options- A. Economic resources are perfectly substitutable, in the production of the two products
- B. Equal quantities of both products are produced at each possible point on the curve
- C. The two products will sell at the same market price
- D. The two products are equally important to consumers
- Correct Answer
- The two products will sell at the same market price
ExplanationA production?possibility frontier (PPF) or production possibility curve (PPC) is the possible tradeoff of producing combinations of goods with constant technology and resources per unit time.
- 1. The law of increasing opportunity costs states that
Options- A. along a production possibilites curve, increases in the production of one good make the production of that good easier and easier
- B. increases in wages cause increases in the costs of production
- C. costs of production increases and then decreases
- D. along a production possibilities curve, increases in the production of one good require larger and larger sacrifices of the other good Discuss
- 2. The Budget proposals also seek to provide relief to salaried tax payers by allowing a standard deduction of what amount in place of the present exemption allowed for transport allowance and reimbursement of miscellaneous medical expenses?
Options- A. Rs. 20,000
- B. Rs. 40,000
- C. Rs. 50,000
- D. Rs. 80,000 Discuss
- 3. According to John Maynard Keynes, employment depends upon
Options- A. aggregate demand
- B. aggregate supply
- C. effective demand
- D. rate of interest Discuss
- 4. Which of the following programmes was launched in 2005-06 for creating infrastucture and basic amenities in rural parts of our Country
Options- A. Janani Surksha Yojana
- B. Sarva Siksha Abhiyan
- C. Swarnajayanti Shahari Rozagar Yojana
- D. Bharat Nirman Programme Discuss
- 5. The Government of India recently decided to create a 'Specific Financing Window ' for its ' Mega Bharat Nirman Programme ' . This specific financing window will operate through
Options- A. SIDBI
- B. NABARD
- C. SBI
- D. None of these Discuss
- 6. Graphically, the market demand curve is
Options- A. greater than the sum of the individual demand curves
- B. the horizontal sum of individual demand curves
- C. steeper than any individual demand curve that is part of it
- D. the vertical sum of individual demand curves Discuss
- 7. A rise in general level of prices may be caused by
Options- A. an increase in the money supply
- B. an increase in the effective demand
- C. a decrease in the aggregate level of output
- D. All of the above Discuss
- 8. Tennis rackets and ballpoint pens are
Options- A. complementary goods
- B. independent goods
- C. inferior goods
- D. substitute goods Discuss
- 9. Which of the following can increase your credit card's APR?
Options- A. Missing a credit card payment.
- B. Paying off the full balance.
- C. Cashing in on rewards points.
- D. Paying the minimum. Discuss
- 10. To the economist, total cost includes
Options- A. neither implicit nor explicit costs.
- B. implicit, but not explicit, costs.
- C. explicit, but not implicit, cost.
- D. explicit and implicit costs. Discuss
Indian Economy problems
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Correct Answer: along a production possibilities curve, increases in the production of one good require larger and larger sacrifices of the other good
Explanation:
Opportunity cost is the cost of other alternative choices for making your interested choice of work. Oppurtunity cost is also called as alternative cost.
For example on a holiday, you have two choices to do, either you can go to movie or a function. And if you chose to go to moavie, the oppurtunity cost of going to movie is the value that would have gotten if you had gone to function.
The law of increasing opportunity costs states that as you increase production of one good, the opportunity cost to produce an additional good will increase.
Correct Answer: Rs. 40,000
Explanation:
The standard deduction of Rs. 40,000 is seek to provide relief to salaried tax payers in the Budget proposals in place of the present exemption allowed for transport allowance and reimbursement of miscellaneous medical expenses.
Correct Answer: effective demand
Explanation:
J.M Keynes? theory of employment is a demand-deficient theory. This means that Keynes visualised employment from the demand side of the model. His theory is a demand-oriented approach, as opposed to the classical supply side model.
According to him,the volume of employment in a country depends on the level of effective demand of people for goods and services. Thus, unemployment is attributed to the deficiency of effective demand.
Correct Answer: Bharat Nirman Programme
Correct Answer: NABARD
Correct Answer: the horizontal sum of individual demand curves
Correct Answer: All of the above
Explanation:
All the three statements lead to either increase in demand of goods and services or decrease in the supply. This leads to increase in general level of prices.
Correct Answer: independent goods
Explanation:
Tennis rackets and ballpoint pens are two independent goods. Since, one doesn't depend on the other.
Correct Answer: Missing a credit card payment.
Explanation:
Missing a credit card payment can increase your credit card's APR.
APR means Annual Percentage Rate.
Correct Answer: explicit and implicit costs.
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