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GK Set-1
Economics
Micro Economics
44

Micro Economics MCQ (GK Set-1) with Answers

44) The figure shows how much a worker can produce in one day. The opportunity cost of 1 unit of electronics in Korea is

4 units of food.

5 units of food.

1/5 of a unit of food

1/4 of a unit of food

Answer is:

4 units of food.

Micro Economics MCQ (GK Set-1) with Answers

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

45) The figure shows how much a worker can produce in one day. The opportunity cost of 1 unit of electronics in Australia is

4 units of food

1/4 units of food.

2 units of food

1/2 of a unit of food.

Answer is:

2 units of food

46) The figure shows how much a worker can produce in one day. The opportunity cost of 1 unit of food in Korea is

1/5 of a unit of electronics

5 units of electronics.

4 units of electronics

1/4 of a unit of electronics.

Answer is:

1/4 of a unit of electronics.

47) The figure shows how much a worker can produce in one day. The opportunity cost of 1 unit of food in Australia is

1/2 of a unit of electronics.

1/4 units of electronics.

2 units of electronics.

4 units of electronics

Answer is:

1/2 of a unit of electronics.

48) The figure shows how much a worker can produce in one day. Which of the following statements about comparative advantage is true?

Australia has a comparative advantage in the production of both food and electronics

Korea has a comparative advantage in the production of both food and electronics

Korea has a comparative advantage in the production of food while Australia has a comparative advantage in the production of electronics.

Australia has a comparative advantage in the production of food while Korea has a comparative advantage in the production of electronics.

Answer is:

Korea has a comparative advantage in the production of food while Australia has a comparative advantage in the production of electronics.

Micro Economics MCQ (GK Set-1) with Answers

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