• 1. 
    The law of scarcity

  • States that the want of a consumer will never be satisfied completely
  • Indicates that the want of consumer will be satisfied in a socialistic system
  • Is only for underdeveloped countries
  • Is not for rich and developed countries
  • 2. 
    Which branch of economic theory is associated with the difficulty of resources allocation

  • Econometrics.
  • Micro-economic theory
  • Macro-economic theory
  • None of the above
  • 3. 
    The central problem of an economy is

  • Assigning limited resources in a way that unlimited desires and needs of the society are satisfied
  • Ensuring a minimum income for each citizen.
  • Assuring that production happens in the most effective way.
  • Analyzing the demand with market economies.
  • 4. 
    An economy succeeds in producing resources efficiently when

  • Goods and services are produced without resources being wasted.
  • The total number of goods manufactured is high.
  • The resources employe are the best
  • The resources employed for highly valued uses.
  • 5. 
    Full form of MOC

  • Marginal Opportunity Cost
  • Ministry of Coal
  • 6. 
    OC full form

  • Opportunity Cost
  • Optical Carrier
  • Optical Connection
  • Orange County
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