(A) demand curve.
(B) supply curve
(C) production possibility frontier.
(D) circular-flow diagram.
Tag: Economics Mcqs With Answers
Opportunity cost, most broadly define, is?
(A) the additional cost of producing an additional unit of output.
(B) what we forgo, or give up, when we make a choice or a decision.
(C) a cost that cannot be avoided, regardless of what is done in the future.
(D) the additional cost of buying an additional unit of a product.
Capital, as economists use the term,?
(A) is the money the firm spends to hire resources.
(B) is money the firm raises from selling stock.
(C) refers to the process by which resources are transformed into useful forms.
(D) refers to things that have already been produced that are in turn used to produce
other goods and services.
Which of the following is not a resource as the term is used by economists?
(A) money.
(B) land.
(C) buildings.
(D) labour.
The concept of choice would become irrelevant if?
(A) capital were eliminated.
(B) scarcity were eliminated.
(C) we were dealing with a very simple, one-person economy.
(D) poverty were eliminated.
The process by which resources are transformed into useful forms is?
(A) capitalisation.
(B) consumption.
(C) allocation.
(D) production.
A material loss during production or storage due to evaporation or shrinkage is called :
(A) Scrap
(B) Waste
(C) Spoilage
(D) Material loss
The basic research cost should be treated as :
(A) Product cost
(B) Production cost
(C) Production overhead
(D) Period cost