Micro

Introduction

Easy

Which one of the following statement is correct?

Scarcity and choice are unrelated concept.

Rich economies do not face the problem of allocation of resources.

The scarce resources do not have alternative uses.

Allocation of limited resources and distribution of goods and services are the basic problems of an economy.

✅ Correct Option: 4

Every economy, rich or poor, faces scarcity of resources having alternative uses, which forces choice. The central problems of any economy are the allocation of these limited resources among competing uses and the distribution of the goods and services produced. Hence option 4 is correct; the other statements deny scarcity, choice or alternative uses and are wrong.

2026: 11 May Shift 1

What causes the production possibility frontier concave downward shape towards the origin?

2025: 22 May Shift 1

......... is an economy in which there is both the private sector and the government.

2023: 11 June Shift 3

Identify normative statements from the following :

(A) India has a high population

(B) India should keep a control on population growth rate

(D) India should have more equitable distribution

Choose the correct answer from the options given below :

2026: 31 May Shift 1

Match the LIST-I with LIST-II

LIST-I		LIST-II
A. Public Good	I.	Excludable and Rivalary
B. Private Good	II.	Beneficial and detrimental effects of one economic unit upon other
C. Externality	III.	Non-excludable and Non-rivalary
D. Mixed economy	IV.	Co-existence of public sector and private sector

Choose the correct answer from the options given below:

2022: 19 July Shift 2

A hypothetical economy has a piece of land which, in order of priority, can be used for building a school, a hospital, a factory and a residential complex. What is the opportunity cost of choosing the best alternative ?

2023: 30 May Shift 1

"An enquiry into the nature and cause of the wealth of Nations" is authored by :

Which one of the following statement is correct?

Solution

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