The equilibrium price of orange is 50k. If for some reason the price rises to 60k, there will be
Excess demand
Excess supply
Shortage in the market
Many buyers in the market
No buyer in the market
Correct answer is B
No explanation has been provided for this answer.
The most basic concern of economists is to
Create human wants
Satisfy all human wants
Redistribute income so that it is used correctly
Create perfect competition
Allocate scarce resources to satisfy human wants
Correct answer is E
No explanation has been provided for this answer.
Opportunity cost is define as the
Money cost
Cost of production
Real cost
Variable cost
Fixed cost
Correct answer is C
No explanation has been provided for this answer.
Scarcity in Economics generally refers to
A period of production
Hoarding of goods
Monopolization of existing supply of resources
Period of famine
Resources being limited
Correct answer is E
No explanation has been provided for this answer.
Economics is a social science because it
Deals with an aspect of human behaviour
Provides people with commodity they want
Deals with limited resources which have alternative uses
Deals with the production of goods for present and future consumption
Is related to how choice is made
Correct answer is A
No explanation has been provided for this answer.