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Economics Practice Test 87

Production Possibilities Quiz PDF: Questions and Answers - 87

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The Quiz: If USA is producing 6 units of potatoes and 4 units of onions, Pakistan has got potato; "Production Possibilities" App Download (Android & iOS) Free with answers specialization, comparative disadvantage, gains from trade and comparative advantage for economics certifications online. Practice interdependence and gains from trade questions and answers to improve problem solving skills for online business administration degree classes.

Production Possibilities Questions and Answers PDF Download: Quiz 87

MCQ 431: If USA is producing 6 units of potatoes and 4 units of onions, Pakistan has got potato

A) comparative disadvantage
B) specialization
C) gains from trade
D) comparative advantage

MCQ 432: If there is 20 percent increase in the prices of popcorns causes the amount of popcorns you are buying to fall by 40 percent, what will be the price elasticity of demand?

A) 10 percent
B) 15 percent
C) 20 percent
D) 25 percent

MCQ 433: A rate applicable to a financial transaction that will take place in the future is known as

A) spot rate
B) exchange rate
C) forward rate
D) currency swaps

MCQ 434: The sum of all expenses paid to produce a product, purchase an investment, or acquire a piece of equipment including not only the initial cash outlay but also the opportunity cost of their choices is known as

A) implicit cost
B) explicit cost
C) total cost
D) total revenue

MCQ 435: The demand curve of a monopolistic firm will always be

A) upward sloping
B) straight line
C) downward sloping
D) horizontal

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Production Possibilities Learning App & Free Study Apps

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Production Possibilities App (Android & iOS)

Production Possibilities App (Android & iOS)

BBA Economics App (Android & iOS)

BBA Economics App (Android & iOS)

Business Mathematics App (Android & iOS)

Business Mathematics App (Android & iOS)

Human Resource Management (BBA) App (Android & iOS)

Human Resource Management (BBA) App (Android & iOS)