Opportunity cost is an economic concept which describes the
Monetary equivalent of the utility of a commodity
Amount of time or money invested on a commodity
Sacrifice made for the satisfaction of a want
Cost of retaining an optimum level of production of commodities
Correct answer is C
No explanation has been provided for this answer.
The basic economic problems of the society include
What to produce, how and for whom
How to produce and sell
Scarcity, when to produce and how
Scarcity, for whom to produce and where
Correct answer is A
No explanation has been provided for this answer.
Socialist economy
Capitalist economy
Subsistence economy
Mixed economy
Correct answer is A
No explanation has been provided for this answer.
Gives loans to member countries for legal proceedings
Offers grants and aid for defence
Offers loans to member countries for socio-economics activities
Offers grants and aid to finance luxury projects
Correct answer is C
No explanation has been provided for this answer.
The main function of the price system is to
Distribute resources equally among competing ends
Ensure efficient allocation of resources in the economic system
Allocate goods and services equally
Minimize cheating
Correct answer is B
No explanation has been provided for this answer.