Question

I. Choose the Correct Answer:
1. The scarce resources of Economy have
(a) Competing Usages
(b) Single Usages
(c) Unlimited Usages
(d) None of the above
2. Central problems of an economy includes.
(a) What to produce (b) How to produce (c) For whom to produce (d) All of the above
3. Utility is
(a) Objective
(b) Subjective
(c) Both a and b
(d) None of the above
4. A Vertical Demand Curve is
(a) Perfectly elastic
(b) Perfectly inelastic
(c) Unitary elastic
(d) None of the above
5. In the short run, a firm
(a) Can change all the input
(b) Can not very all the inputs
(c) Can keep the input fixed
(d) None of the above

Pls help guys it's emergency​

Answer 1

Answer:

1 is b ,,, 2 is d ,,, 3 is c ,,, 4 is a,,,,, 5 is b

please mark as brainleast

Answer 2

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[ 1 ] correct answer ( D )

[ 2 ] 1. What to Produce

• ➪ This problem refers to the decisions regarding the selection of different commodities and the quantities that need to be produced. Labour, land, machines, capital, equipment, tools and natural means of resources are limited. So, it is not possible to fulfil society’s every demand. Therefore, it needs to be decided what goods and services are required to be produced and what should be the quantity.

2. How to Produce

• ➪ This problem is about the choice of techniques that need to be adopted and used in the production of goods and services.

3. For Whom to Produce

• ➪ One of the most crucial problems of the economy is to decide which commodities shall be produced for which sections of society.