A shift in the production possibility frontier could result from
Unemployment
Changes in the combination of goods produced
Inflation
Changes in production techniques
Correct answer is D
No explanation has been provided for this answer.
The need to construct a scale of preference is necessitated by
The need to satisfy wants
Scarcity and the need for choice
Scarcity of resources
Non-availability of factors of production
Correct answer is B
No explanation has been provided for this answer.
In its simplified form, the circular flow of income concept refers to the
Real flow in goods and services between the product and factor markets
Monetary payment for goods and services produced by individual firms
Transactions in goods and services and payment for such transactions between individual firms and households
Money flows associated with transactions between individual firms and households
Correct answer is C
No explanation has been provided for this answer.
Frictional
Cyclical
Residual
Hidden
Correct answer is C
No explanation has been provided for this answer.
Collectivism refers to the system of management of state enterprises in a
Mixed economy
Co-operative organization
Capitalist economic system
Socialist economy
Correct answer is D
No explanation has been provided for this answer.