The fundamental problem faced by an economy is one of :

Related MCQs

• In a free enterprise economy, the problems of what, how and for whom to produce are solved by :
• Who considered Political Economy as “an enquiry into the nature and causes of the wealth of nations”?
• Micro economic theory studies how a free enterprise economy determines:
• 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.
• Market economy is also known as:
• Which one of the following definition of Economics is associated with the name of Lionel Robbins?
• Which of the following statements describes the presence of diminishing returns. Holding at least one factor constant …....
• Change in utility resulting from one unit change in consumption is called:
• A movement from one point to another along an indifference curve makes the satisfaction:
• Which one of the following is an example of close substitute: