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Factor Intensity Factor Abundance & Shape of Frontier Curve Questions and Answers PDF Download 68
MCQ: Coal mining, fruit farming, ploughing and services at hotels and restaurants are the best examples of
- capital intensive
- individual intensive
- economy intensive
- labor intensive
D
MCQ: The difference between the amount a producer of a good receives and the minimum amount the producer is willing to accept for the good is known as
- consumer surplus
- consumer shortage
- producer surplus
- producer shortage
C
MCQ: There is kind of a procedure that if anyone gets that, then nobody else can use his/her rights is known as
- property rights
- corporate rights
- patent rights
- people rights
C
MCQ: A firm can sustain in a market if it has the power to
- minimize costs
- maximize profits
- hire as many workers as it needs at the prevailing wage rate
- influence the market price of the good it sells
D
MCQ: The type of model that relates with the distribution of various resources is known as
- IS-LM model
- demand and supply model
- edge worth model
- Ricardian model
C