Factor Intensity Factor Abundance & Shape of Frontier Curve Questions and Answers PDF Download 42
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Trivia Quiz on Factor Intensity Factor Abundance & Shape of Frontier Curve PDF Download 42
MCQ: A theory in economics explaining that countries export what can be most efficiently and plentifully produced is known as
- IS-LM theory
- money demand theory
- labor supply theory
- hecksher-ohlin theory
D
MCQ: The theory that suggests that the value of a commodity could be measured objectively by the average number of labor hours necessary to produce it is known as
- opportunity cost theory
- labor demand theory
- labor theory of value
- labor supply theory
C
MCQ: The situation prevailing in the economy that refers to the lack of means necessary to meet basic needs such as food, clothing and shelter is known as
- inequality
- poverty
- inefficiency
- deficit
B
MCQ: When any firm makes an advancement in its industrial break through itself, it needs
- property rights
- property tax
- patent protection
- trademark
C
MCQ: When a firm is failing to cover all costs of production, it is heading towards
- economic profits
- abnormal profit
- normal profit
- economic losses
D