Question : A country produces two commodities: X and Y. Its production possibilities are shown in the following table:
The shape of PPF is _____________
Option 1: Convex
Option 2: Concave
Option 3: Constant
Option 4: None of these
Correct Answer: Convex
Solution :
PPF is convex shaped due to decreasing MRT i.e. less and less units of commodity Y are sacrificed to gain an additional unit of commodity X. Hence, the correct answer is 1.
Question : India produces two commodities: X and Y. Its production possibilities are shown in the following table:
Calculate MRT for the possibility C.
Option 1: 5:1
Option 2: 4:1
Option 3: 6:1
Option 4: 2:1
Question : Determine the marginal opportunity cost of 10 units of commodity X:
Option 1: MOC = 10
Option 2: MOC = 20
Option 3: MOC = 14
Option 4: MOC = 2.5
Question : Match the columns (As per Census 2011).
Option 1: 1-a, 2-b, 3-c
Option 2: 1-b, 2-a, 3-c
Option 3: 1-a, 2-c, 3-b
Option 4: 1-c, 2-b, 3-a
Question : Match the column-
1 Break-even point
2 Slope of consumption curve
3 APC
4 Induced investment
Option 1: 1-D, 2-C, 3-B, 4-A.
Option 2: 1-A, 2-D, 3-C, 4-B
Option 3: 1-B, 2-A, 3-D, 4-C
Option 4: 1-C, 2-B, 3-A, 4-D
Question : Match the Following
Option 1: 1-c, 2-d, 3-a, 4-b
Option 2: 1-a, 2-d, 3-c, 4-b
Option 3: 1-c ,2-a, 3-d, 4-b
Option 4: 1-a, 2-d, 3-b, 4-c
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