Question : The guiding principle of problem of how to produce is ___________.

Option 1: Allocate the resources in a manner which gives maximum aggregate satisfaction

Option 2: Combine factors of production in such a manner so that maximum output is produced at minimum cost

Option 3: Ensure that urgent wants of each productive factor are fulfilled to the maximum possible extent

Option 4: None of the above

Question : The guiding principle of problem of what to produce is _______________.

Option 1: Allocate the resources in a manner which gives maximum satisfaction.

Option 2: Combine factors of production in such a manner so that maximum output is produced at minimum cost

Option 3: Ensure urgent wants of each productive factor are fulfilled to the maximum possible extent

Option 4: None of the above

Question : Market failure occurs when:

Option 1: Markets allocate resources efficiently
 

Option 2: Markets allocate resources inequitably
    

Option 3: Markets fail to allocate resources efficiently

Option 4: Markets fail to allocate resources inequitably

Question : Following are the central problems of an economy:

Option 1: What to produce

Option 2: How to produce

Option 3: For whom to produce

Option 4: All of the above

Question : The fundamental or central economic problem of every society is

Option 1: What to produce

Option 2: How to produce

Option 3: For whom to produce

Option 4: All of the above