Related Mcqs:

1. Production possibility curve is always concave because ?

   A. The curve gets steeper as we move downward
   B. The marginal benefit decreases as more of a good is consumed
   C. In reflects the law of increasing opportunity cost
   D. Resources are scarce

2. Any point inside the production possibility curve represents ?

   A. Unemployment
   B. Failure to achieve productive efficiency
   C. Both A. and B.
   D. None of these

3. The intersection of the supply curve and demand curve indicates ?

   A. Market equilibrium
   B. Market demand
   C. Market condition
   D. None

4. A process of production that uses a higher proportion of capital as compared to other factors of production ?

   A. Capital intensive technique
   B. Labour intensive technique
   C. Both a and b
   D. None of these

5. An individuals demand curve is down sloping because_____________________?

   A. Price and quantity demanded are inversely related
   B. P & D are directly related
   C. There is no relation bet P & D
   D. None

6. Upward shift of the demand curve is due to_________________?

   A. Changing in quantity demanded
   B. Increase in demand
   C. Decrease in quantity demanded
   D. None

7. The demand schedule or the demand curve of all buyers of a good or service is called____________________?

   A. Market demand
   B. Total demand
   C. Both
   D. None

8. A curve showing the distribution of income in an economy___________________?

   A. Lorenz curve
   B. Indifference curve
   C. Income budget line
   D. Investment damage curve

9. A demand curve shifts because of change is_____________________?

   A. Consumer tastes
   B. Number of buyers in market
   C. Incomes
   D. All of these

10. Excess utility over price derived by the consumers because of negative sloping demand curve ?

    A. Producer surplus
    B. Consumer surplus
    C. Marginal utility
    D. Demand surplus