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Introduction to Microeconomics Test 8

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Introduction to Microeconomics Test 8
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Economic growth is best depicted by ___________.
    Solution
    Production possibility curve shows the different combinations of the production of two commodities that can be achieved in an economy given the resources and technology which are to be fully utilized. Therefore to achieve any point beyond PPF, there is need for increase in the present supply of resources and technology which leads to an outward shift in PPF curve as overall production increases which results in economic growth. 
  • Question 2
    1 / -0
    Production Possibility Curve (PPC) will be a straight line when __________.
    Solution
    The slope of production possibility curve is marginal opportunity cost which refers to the additional sacrifice that a firm makes when they shift resources and technology from production of one commodity to the other. Therefore, if marginal opportunity cost remains constant then PPC will be a straight line owing to constant slope.
  • Question 3
    1 / -0
    If a firm is operating at any point inside the PPF, then the firm is ________.
    Solution
    Production possibility curve shows the different combinations of the production of two commodities that can be achieved in an economy given the resources and technology which are to be fully utilized. So if a firm is operating inside the PPF, then it indicates that the firm is not utilizing the supplied resources and technology efficiently. 
  • Question 4
    1 / -0
    A normative science deals with the things_____.
    Solution
     In the applied sciencesnormative science is a type of information that is developed, presented, or interpreted based on an assumed, usually unstated, preference for a particular outcome, policy or class of policies or outcomes.
  • Question 5
    1 / -0
    Higher PPC curve indicates _________.
    Solution
    Production possibility curve shows the different combinations of the production of two commodities that can be achieved in an economy given the resources and technology which are to be fully utilized. Therefore to achieve any point beyond PPC, there is need for an increase in the present supply of resources and technology which leads to an outward shift in production possibility curve. So any point beyond PPC indicates more production of both the commodities owing to increase in supplied resources and technology. 
  • Question 6
    1 / -0
    PPF curve stands for _________.
    Solution
    Production Possibility Frontier also known as Production Possibility Curve shows the different attainable combinations of the production of two commodities that can be produced in an economy given the resources and technology which are to be fully utilised in the production process. 
  • Question 7
    1 / -0
    Which of the following is a normative statement?
    Solution
    'To check inflation RBI should restrict money supply'-this is a normative statement as it proclaims 'what should be done'. It also possess value judgements .
  • Question 8
    1 / -0
    Which of these is a normative statement?
    Solution
    'To reign in inflation the Central Bank should contain money supply'-this is a normative statement as it proclaims 'what should be done'. It also possess value judgements.
  • Question 9
    1 / -0
    Positive economic theory deals with __________.
    Solution
    Positive economics are based on data and facts and provides solution  to problems faced by the economy. It does not deal with value judgements . It states that what are and how the problem of choice faced by an economy is  solved.
  • Question 10
    1 / -0
    Who of the following treated Economics as positive science?
    Solution
    Positive science describes the matter of the presence of the subject with proven facts and figures that needs to be taken into account before developing a subject. 

    Lionel Robbins was a British economist who proposed a scientifically positive definition on economics where he emphasized on making choices by the study of human behaviour from various alternative uses of the scarce resources in order to maximize the satisfaction of most of the unlimited wants in the economy by setting up an effective relationship between these wants and scarce means.

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