Micro

Introduction

Easy

Every society has to answer three basic economics questions. Which one of the following is not part of those three questions?

How the produced goods and services must be consumed?

What goods and services should be produced in the country?

How should the goods and services be produced?

How should the goods and services be distributed among people?

✅ Correct Option: 1

The three central problems of an economy are what to produce, how to produce, and for whom to produce (distribution). 'How goods must be consumed' is not one of these three questions.

2025: 30 May Shift 1

The problem 'For whom to produce' is basically concerned with _______.

2026: 15 May Shift 1

There is always a cost of having a little more of one good in terms of the amount of the other good that has to be forgone. This cost is known as........................

2025: 22 May Shift 1

The curve gives the maximum amount of corn that can be produced in the economy for any given amount of cotton and vice versa. This curve is called.........

2023: 20 June Shift 1

Which of the following is studied under micro economics?

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: 13 May Shift 1

The collection of all possible combinations of goods and services that can be produced from a given amount of resources and a given stock of technological knowledge is called?

Every society has to answer three basic economics questions. Which one of the following is not part of those three questions?

Solution

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