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GK Set-1
Economics
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14

Micro Economics MCQ (GK Set-1) with Answers

14) The production possibilities frontier is bowed outward because the trade-offs between the production of any two goods are constant.

yes

no

could not say

There is not enough information to answer this question

Answer is:

no

Micro Economics MCQ (GK Set-1) with Answers

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Related Micro Economics MCQ (GK Set-1) with Answers

15) An advance in production technology would cause the production possibilities curve to shift outward

yes

no

could not say

There is not enough information to answer this question

Answer is:

yes

16) Macroeconomics is concerned with the study of how households and firms make decisions and how they interact in specific markets

yes

no

could not say

There is not enough information to answer this question

Answer is:

no

17) The statement, "An increase in inflation tends to cause unemployment to fall in the short run," is normative

yes

no

could not say

There is not enough information to answer this question

Answer is:

no

18) When economists make positive statements, they are more likely to be acting as scientists.

yes

no

could not say

There is not enough information to answer this question

Answer is:

yes

Micro Economics MCQ (GK Set-1) with Answers

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