(A) What goods to produce and how much to produce
(B) How to produce
(C) For whom to produce
(D) None of the above
Theory of production studies the problem of:
(A) What goods to produce and how much to produce
(B) How to produce
(C) For whom to produce
(D) All of the above
Theory of distribution studies the problem of:
(A) What goods to produce and how much to produce
(B) How to produce
(C) For whom to produce
(D) All of the above
Central problem of an economy can be:
(A) What goods to produce and how much to produce
(B) How to produce
(C) For whom to produce
(D) All of the above
Economic problem arises because:
(A) Wants are unlimited
(B) Resources are scare
(C) Alternative uses of resources exist
(D) All of the above
Disadvantages of inductive method can be:
(A) Expensive method
(B) Chances of personal bias of the investigators are present
(C) Complex method
(D) All of the above
Merits of inductive method of economic theory can be:
(A) Verifies economic facts
(B) Realistic and reasonable method
(C) Scientific method
(D) All of the above
Advantages of deductive method of economic theory can be:
(A) Simple method
(B) Universally applicable
(C) Accurate result
(D) All of the above