Agriculture MCQs

Page No. 228

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


aInternational Trade


bSpeculation


cInternational specialization


dNone



Opportunity cost is illustrated by the___________________?


aSteep slope


bDownward slope


cPositive slope


dPositive slope


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


bTrade deficit


cTrade off


dNone


View Answer Trade surplus

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


aSpillover


bSpeculation


cSpecializing


dAll


View Answer Speculation

All points on the production possibility curve explain__________________?


aAllocative efficiency


b Productive efficiency


cLess than full use of resources


dUnattainable levels of output



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


aTheoretical


bPositive


cNormative


dNone


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


b Real cost


c Economic cost


d None


View Answer Opportunity cost

Production possibility curve is always concave because ?


aThe curve gets steeper as we move downward


bThe marginal benefit decreases as more of a good is consumed


c In reflects the law of increasing opportunity cost


dResources are scarce



In ___________________ we avoid value judgments and focus on facts?


aPositive economics


b Normative economics


cTheoretical economics


dfactual economics


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


bMicro economic


cPositive economic


dNormative economic


View Answer Micro economic

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