Micro

Introduction

Easy

Which of the following is not correct statement ?

Production possibility curve does not explain the opportunity cost of production of x for y

In a market economy all goods come with a price

Microeconomics does not analyse the problem of unemployment

Positive economies studies how the different mechanisms function

✅ Correct Option: 1

The PPC does explain the opportunity cost of producing one good in terms of another -- the slope of the PPC represents the opportunity cost. So statement (1) claiming PPC does not explain opportunity cost is incorrect. The other statements are generally correct: market economies price goods, microeconomics focuses on individual units rather than aggregate unemployment, and positive economics studies mechanisms as they are.

2025: 14 May Shift 1

Any allocation of resources by the society would result in the _____ of a particular combination of different goods and services.

2026: 11 May Shift 2

Which of the following are the two basic economic problems faced by an economy?

2026: 21 May Shift 1

Which one of the following is not a central problem of an economy?

2022: 30 Aug Shift 2

Problem of for whom to produce is related to _______.

2025: 14 May Shift 1

Identify, where the point will lie in the production possibility frontier when the resources are either underemployed or are utilized in a wasteful manner

A point below the production possibility frontier
A point above the production possibility frontier
A point on the production possibility frontier
A point on or above the production possibility frontier

2026: 21 May Shift 1

An economy in which both the private and the public sector coexist is known as a ....................

Which of the following is not correct statement ?

Solution

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