331. Service of order decisions, etc., is done in accordance with the procedure laid down under section:
(A) 54
(B) 55
C) 56
(D) 57
332. If an earthquake takes place, then what will happen to PPC?
A) Shift inward
(B) Shift outward
(C) Remains the same
(D) All of the above
333. PPC can effectively explain the central problem of:
(A) What to produce
(B) How to produce
(C) Economic growth
D) All of the above
334. If the production of good X rises by 1 unit and that of good Y falls from 15 to 12.5 units then, the marginal opportunity cost of X is:
A) 2.5
(B) 12.5
(C) 15
(D) 27.5
335. PPC is also called:
A) Opportunity cost curve
B) Transformation curve
C) Production possibility frontier
D) All of the above
336. Smooth PPC is based on the assumption that:
A) Infinite production possibilities exist
(B) Limited production possibilities exist
(C) Two production possibilities exist
(D) None of the above
337. The shape of PPC is:
A) Downward sloping concave to the origin
(B) Downward sloping convex to the origin
(C) Downward sloping straight line to the origin
D) All of the above
338. Assumptions of PPC are:
A) Resources are not specific
B) There are only two goods
C) Resources are fully employed
D) All of the above
339. The Production Possibility Curve (PPC) is defined as different combinations of goods and services that can be produced by whom when the resources are fully employed?
(A) Firm
B) Economy
(C) Industry
(D) All of the above
340. The long-term patterns of economic growth and recession are called:
A) A business Cycle
(B) An annual Budget
(C) A project Cycle
(D) None of these
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