Micro Economics MCQ (GK Set-1) with Answers

the domestic price of 1 ring is 1/4 of a watch.

the domestic price of 1 ring is 3 watches

the domestic price of 1 ring is 1/3 of a watch

the domestic price of 1 ring is 12 watches

the opportunity cost of 1 watch is 1/4 of a ring

the opportunity cost of 1 watch is 4 rings.

the opportunity cost of 1 watch is 3 rings

the opportunity cost of 1 watch is 12 rings

Australia has an absolute advantage in the production of food while Korea has an absolute advantage in the production of electronics

Korea has an absolute advantage in the production of food while Australia has an absolute advantage in the production of electronics

Australia has an absolute advantage in the production of both food and electronics

Korea has an absolute advantage in the production of both food and electronics

4 units of food.

5 units of food.

1/5 of a unit of food

1/4 of a unit of food

4 units of food

1/4 units of food.

2 units of food

1/2 of a unit of food.