Agriculture MCQs

Page No. 228

Directing domestic resources to output which a nation is highly efficient at producing is called____________________?


aInternational Trade

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bSpeculation

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cInternational specialization

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dNone

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Opportunity cost is illustrated by the___________________?


aSteep slope

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bDownward slope

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cPositive slope

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dPositive slope

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View Answer Downward slope

The amount by which a nation’s export of goods (or goods and services) exceeds its import of goods or goods and services is_______________?


aTrade surplus

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bTrade deficit

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cTrade off

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dNone

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View Answer Trade surplus

The activity of buying or selling with the motive of later reselling or re buying for profit is called ?


aSpillover

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bSpeculation

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cSpecializing

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dAll

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View Answer Speculation

All points on the production possibility curve explain__________________?


aAllocative efficiency

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b Productive efficiency

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cLess than full use of resources

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dUnattainable levels of output

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In________________ economics we look at desirability of certain aspects of the economy ?


aTheoretical

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bPositive

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cNormative

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dNone

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View Answer Normative

Amount of other products which must be foregone or sacrificed to obtain 1 unit of a specific good is called its______________?


aOpportunity cost

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b Real cost

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c Economic cost

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d None

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View Answer Opportunity cost

Production possibility curve is always concave because ?


aThe curve gets steeper as we move downward

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bThe marginal benefit decreases as more of a good is consumed

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c In reflects the law of increasing opportunity cost

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dResources are scarce

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In ___________________ we avoid value judgments and focus on facts?


aPositive economics

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b Normative economics

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cTheoretical economics

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dfactual economics

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View Answer Positive economics

A film on economics in which economists study and observe the details of an economic unit or a very small judgment of economy is__________________?


aMacroeconomic

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bMicro economic

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cPositive economic

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dNormative economic

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View Answer Micro economic

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