In a free enterprise economy, the problems of what, how and for whom to produce are solved by :

Related MCQs

• Micro economic theory studies how a free enterprise economy determines:
• In the classical system, the basic economic problems are solved by:
• To whom do you attribute the ‘growth’ definition of economics?
• Who considered Political Economy as “an enquiry into the nature and causes of the wealth of nations”?
• Which of the following statements best describes the general form of a production function: (i) It is a purely technological relationship between quantities of input and quantities of output. (ii) It represents the technology of an organisation, sector of an economy. (iii) Prices of inputs or of the output do not enter into the production function. (iv) It is a flow concept describing the transformation of inputs into output per unitof time.
• Suppose a firm sells its product at a price lower than the opportunity cost of the inputs used to produce it. Which is true?
• The fundamental problem faced by an economy is one of :
• Market economy is also known as:
• In the case of a free good, the consumer will be in equilibrium when:
• Social science can help to appreciate the values enshrined in the Indian Constitution such as justice, liberty, equality and fraternity and the unity and integrity of the nation and the building of a socialist, secular and democratic society.