Question:

Production possibilities curve does not show:

A.

What to produce

B.

How to produce

C.

For whom to produce

D.

Productive potential under conditions of underemployment

Answer» d. Productive potential under conditions of underemployment

Question:

Marshalian cardinal utility analysis assumes

A.

marginal utility of money is zero

B.

marginal utility of money is decreasing

C.

marginal utility of money is increasing

D.

marginal utility of money is constant

Answer» d. marginal utility of money is constant

Question:

The problem of scarcity and choice making can be depicted using the tool of ___ curve.

A.

Demand

B.

Isoquant

C.

Indifference

D.

Production possibility

Answer» d. Production possibility

Question:

_________ introduced the concept of welfare in the study of economics:

A.

Fischer

B.

Alfred Marshall

C.

J S Mill

D.

Adam Smith

Answer» b. Alfred Marshall