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Question 29 A graphical representation of the optimum combinations of output when all resources are fully employed illustrates O opportunity cost. production possibilities frontier. trade-off. () consumption possibilities frontier. Previous WQuestion 37 Statement 1: Normative economics deals with the causal relationships that exist in economics. Statement 2: Positive economics deals with the way the relationships ought to be. Both statements are true. @) Statement 2 is true and statement 1 is false. Statement 1 Is true and statement 2 Is false. Both statements are false. Previous to search Ostructions: Choose the correct answer from the given choices. Check if you have answered all the items before you submit your exam Question 25 The fundamental economic problem of limited resources in a world of unlimited human wants and needs illustrates O choice. O option. @ scarcity. O exchange. Previous WD Question 36 Statement 1: The physical effort expended by miners and steel workers represents labor resources. Statement 2: Coal deposit in the ground is an example of a capital resource. Both statements are true. Both statements are false. Statement 1 Is true and statement 2 is false )Statement 2 Is true and statement 1 is false Previous search O WQuestion 35 on's Statement 1: Economic goods are resources that command a price. Statement 2: Consumer goods are goods that are used to produced other goods. ve Statement 2 is true and statement 1 Is false. Both statements are false. Both statements are true. () Statement 1 Is true and statement 2 is false. Previous here to search WQuestion 33 The system works under the principle that the interest of society should prevail over that of the individual is known as free market system. mixed system. (@ command economy. @ traditional economy. . Previous WYD Question 32 Market processes serve as signals to the producers about what goods to produce and how much of these goods should be produced is referred to as free market system. mixed system. traditional economy command economy. Previous earch O W ovoQuestion 38 Statement 1: Economics as a science follows the scientific approach in arriving at conclusions. Statement 2: Economic principles are formulated and derived through a the scientific approach. Statement 2 is true and statement 1 is false () Both statements are true. Statement 1 is true and statement 2 Is false. Both statements are false. - Previous arch WQuestion 26 Which among the following basic economic questions does the type of goods and services to be produced related to? O For whom to produce? How much to produce? How to produce? What to produce? Previous ch WQuestion 27 Which among the following types of income is received from the use of land? Profit income Salaries/ wages Interest Income O Rent Income Previous re to searchD Question 31 The type of technology employed, methods and processes, is an economic problem that addresses the question "how much to produce?" "for whom to produce?" "how to produce?" O "what to produce?" . Previous search $14 O WD Question 30 Barbie wanted to put up a business so she purchased a machine on account. Which among the following types of income will she pay in exchange of the machine she bought? O Salaries/wages Profit Income Rent Income O Interest income Previous Not saved Su rch O W VO X F2 F3 F4 F5 F6 F7 F8 F9 F10 F11 F12 HomeQuestion 28 The process of transferring goods and services from the producer to the consumer in return for something describes marketing. exchange. trade. O commerce. . Previous W hQuestion 34 Statement 1: Microeconomics is concerned with the performance of the economy as a whole or its major aggregates. Statement 2: The study of Macroeconomics is concerned with the decision of two manufacturers in buying their equipment. Both statements are true. ()Statement 2 is true and statement 1 Is false! Both statements are false. Statement 1 Is true and statement 2 Is false