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GK Set-1
Economics
Micro Economics
30

Micro Economics MCQ (GK Set-1) with Answers

30) Refer to Exhibit 6. As we move from point A to point D,

the opportunity cost of eggs in terms of bacon falls

the opportunity cost of eggs in terms of bacon rises.

the opportunity cost of eggs in terms of bacon is constant

the economy becomes less efficient

Answer is:

the opportunity cost of eggs in terms of bacon rises.

Micro Economics MCQ (GK Set-1) with Answers

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

31) choose the correct option: 1. If Japan has an absolute advantage in the production of an item, it must also have a comparative advantage in the production of that item.

1-T,2-T,3-F

1-T,2-T,3-T

1-F,2-T,3-T

1-T,2-F,3-F

Answer is:

1-F,2-T,3-T

32) choose the correct option: 1.Self-sufficiency is the best way to increase one’s material welfare.

1-T,2-T,3-F

1-T,2-T,3-T

1-T,2-T,3-T

1-T,2-F,3-F

Answer is:

1-T,2-T,3-T

33) choose the correct option: 1.If a country’s workers can produce 5 hamburgers per hour or 10 bags of French fries per hour, absent trade, the price of 1 bag of fries is 2

1-F,2-T,3-F

1-T,2-T,3-T

1-T,2-T,3-T

1-T,2-F,3-F

Answer is:

1-F,2-T,3-F

34) choose the correct option: 1.Talented people that are the best at everything have a comparative advantage in the production of everything. 2.The gains from trade can

1-F,2-T,3-F

1-T,2-T,3-T

1-T,2-T,3-T

1-T,2-F,3-F

Answer is:

1-F,2-T,3-F

Micro Economics MCQ (GK Set-1) with Answers

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