The basic problem studied in Economics is

(a)

Unlimited wants

(b)

Unlimited means

(c)

Scarcity

(d)

Strategy to meet all our wants

Choice is always constrained or limited by the _______ of our resources.

(a)

Scarcity

(b)

Supply

(c)

Demand

(d)

Abundance

The man-made physical goods used to produce other goods and services are referred to as

(a)

Land

(b)

Labour

(c)

Capital

(d)

Organization

Cost functions are also known as _____ function.

(a)

production

(b)

investment

(c)

demand

(d)

consumption

Equilibrium condition of a firm is ___________

(a)

MC = MR

(b)

MC > MR

(c)

MC < MR

(d)

MR = Price

Theory of distribution is popularly known as,

(a)

Theory of product-pricing

(b)

Theory of factor-pricing

(c)

Theory of wages

(d)

Theory of interest

The measure of economic growth of a country is indicated by ____________.

(a)

GNP

(b)

GDP

(c)

NNP

(d)

Per capita income

In 1614 Sir Thomas Roe was successful in getting permission from

(a)

Akbar

(b)

Shajakan

(c)

Jahangir

(d)

Noorjakhan

Countries today are to be _______ for their growth.

(a)

Dependent

(b)

Interdependent

(c)

Free trade

(d)

Capitalist

Which feature is identified with rural areas?

(a)

Low population density

(b)

High population density

(c)

Low natural resources

(d)

Low human resources