A graph showing all the combinations of goods and services that can be produced if all of society’s resources are used efficiently is a ?

Related Mcqs:

1. A graph showing all the combinations of capital and labor that can used to produce a given amount of output is ?

   A. an indifference curves.
   B. an isoquant.
   C. an isocost line
   D. a production functions

2. A graph showing all the combinations capital and labor available for a given total cost is the ?

   A. expenditure set
   B. isocost line.
   C. budget constraint
   D. isoquant

3. When markets fail to allocate resources efficiently, the ultimate source of the problem is usually ?

   A. government regulation
   B. that prices are not low enough so firms over produce
   C. that prices are not high enough, so people overconsume
   D. that property rights have not been well established

4. S = Savings, I = domestic investment, X = exports of goods and services, and M = imports of goods and services Which of the following is true ?

   A. S – I = X = M
   B. S + I = X + M
   C. S = I – (X+M)
   D. S-I = X/M

5. The Phillips curve is a graph showing the relationship between ?

   A. the price level and the unemployment rate
   B. the inflation rate and the unemployment rate
   C. the level of aggregate output and the price level
   D. the inflation rate and the level of aggregate demand

6. Market value of all final goods and services produced in a country during a year is definition of ?

   A. NI
   B. NNP
   C. GNP
   D. Consumption

7. Which term is used for the total net value of all goods and services produced in a country in specified period of time ?

   A. National income
   B. Public income
   C. Local income
   D. Gross income

8. The total quantity of goods and services produced (or supplied) in an economy in a given period is ?

   A. aggregate investment
   B. aggregate expenditure
   C. aggregate demand
   D. aggregate output

9. The whole class of goods that will be under produced or not produced at all in a completely unregulated market economy are referred to as ?

   A. Pareto goods
   B. public goods
   C. private goods
   D. free goods

10. The market efficiently allocates scarce resource among alternative ends such that ?

    I- consumers receive goods for which they are willing to pay
    II- Production resources hire out to maximize income)
    III- the market determines available labor and capital
    IV- the market distributes income among rich individuals

    A. III and IV only
    B. II and III only
    C. I, II and III only
    D. I, II, III and IV