Micro

Introduction

Easy

Which one is not the central problem of the economy?

What is produced and in how much quantities?

How are these goods produced?

Where are these goods produced?

For whom are these goods produced?

✅ Correct Option: 3

Option 1 -> This is a central problem addressing resource allocation and production decisions.

Option 2 -> This is a central problem addressing production techniques and efficiency.

Option 3 -> This is not a central problem; location is not a fundamental economic question.

Option 4 -> This is a central problem addressing distribution of goods and services.

Hence, Option 3: Where are these goods produced? -> The three central problems of an economy are: (1) What to produce and in what quantities, (2) How to produce (which techniques/methods), and (3) For whom to produce (distribution). "Where to produce" is not considered a fundamental economic problem as it relates more to geographical logistics rather than core resource allocation decisions that arise from scarcity. -> correct

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.

2025: 22 May Shift 2

suppose an individual with same working condition got three alternative job in his hand he has selected the best and need to forgone the next best alternative. Identify the indicated cost in the aforesaid statement.

2023: 30 May Shift 1

Identify the impact of unemployment on PPC (Production Possibility Curve).

2025: 29 May Shift 2

Whether to have more consumption goods or to have investment goods which will boost production and consumption tomorrow, is a part of which of the central problem?

2023: 29 May Shift 2

How will the earthquake in Turkey affect the production possibility curve of their economy?

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?

Which one is not the central problem of the economy?

Solution

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