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The Basic Economic Problem : Scarcity And Choice

5 Questions  I  By Vajrakant

  
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1.  What can happen in a planned economy that does not happen in a market economy?
A.
B.
C.
D.
2.  Which of the following is a factor of production?
A.
B.
C.
D.
3.  In a mixed economy, resources are used as a result of
A.
B.
C.
D.
4.  A farmer decides to use a more fertile field. As a result he is able to produce the same output as before but with fewer workers and less equipment.This is a substitution in which
A.
B.
C.
D.
5.  The table shows the various combinations of food and clothing which a village can produce using all its resources.    food units                                  clothing units          0                                                   500        100                                                400        200                                                250        300                                                 50        400                                                  0 What is the opportunity cost to the village of increasing the production of food from 200 to 300 units?
A.
B.
C.
D.
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