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Factor Intensity Factor Abundance and Shape of Frontier Curve Quiz Question and Answers 42 PDF Download

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Quiz on Factor Intensity Factor Abundance & Shape of Frontier Curve Worksheet 42

Factor Intensity, Factor Abundance, & Shape of Frontier Curve Quiz

MCQ: ?A theory in economics explaining that countries export what can be most efficiently and plentifully produced is known as

  1. IS-LM theory
  2. money demand theory
  3. labor supply theory
  4. hecksher-ohlin theory

D

Mercantilist's View on Trade Quiz

MCQ: Theory that suggests that value of a commodity could be measured objectively by average number of labor hours necessary to produce it is known as

  1. opportunity cost theory
  2. labor demand theory
  3. labor theory of value
  4. labor supply theory

C

Measurement of Inequality Quiz

MCQ: Situation prevailing in economy that refers to lack of means necessary to meet basic needs such as food, clothing and shelter is known as

  1. inequality
  2. poverty
  3. inefficiency
  4. deficit

B

Externality & Market Efficiency Quiz

MCQ: When any firm makes an advancement in its industrial break through itself, it needs

  1. property rights
  2. property tax
  3. patent protection
  4. trademark

C

What are Costs? Quiz

MCQ: When a firm is failing to cover all costs of production, it is heading towards

  1. economic profits
  2. abnormal profit
  3. normal profit
  4. economic losses

D