All the following are features of market economies except
Competition among producers
Demand and supply force guiding production decision
That profit motive is paramount
Public ownership of capital
Correct answer is D
No explanation has been provided for this answer.
A type of unemployment which occurs due to technological progress is called
Frictional unemployment
Residual unemployment
Structural unemployment
Mass unemployment
Correct answer is A
No explanation has been provided for this answer.
Demand and supply
Cost of production
Production possibility curve
Scarcity of resources
Correct answer is D
No explanation has been provided for this answer.
The concept of opportunity cost is also referred to as
Social cost
Real cost
Fixed cost
Variable cost
Correct answer is B
No explanation has been provided for this answer.
The study of economics becomes necessary because of the
Large population size of the world
Scarcity of resources
Opportunity cost of goods and services
Needs to satisfy every desire of man
Correct answer is B
No explanation has been provided for this answer.