(A) Interaction of market forces of demand and supply to determine the price
(B) A mechanism followed by producer is determine the price
(C) A mechanism where both buyers and sellers exercise their bargaining power and then settle for a price
(D) All of the above
If earthquake takes place, then what will happen to PPC?
(A) Shift inward
(B) Shift outward
(C) Remains same
(D) All of the above
PPC can effectively explain the central problem of:
(A) What to produce
(B) How to produce
(C) Economic growth
(D) All of the above
If production of good X rises by 1 unit and that of good Y falls from 15 to 12.5 units then, marginal opportunity cost of X is:
(A) 2.5
(B) 12.5
(C) 15
(D) 27.5
PPC is also called:
(A) Opportunity cost curve
(B) Transformation curve
(C) Production possibility frontier
(D) All of the above
Smooth PPC is based on the assumption that:
(A) Infinite production possibilities exist
(B) Limited production possibilities exist
(C) Two production possibilities exist
(D) None of the above
Shape of PPC is:
(A) Downward sloping concave to the origin
(B) Downward sloping convex to the origin
(C) Downward sloping straight line to the origin
(D) All of the above
Recently how many south Asian countries have formed Palm Oil Alliance together?
(A) Four
(B) Five
(C) Six
(D) Seven