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A growth of resources in an economy is shown in Production Possibility by-
What is another name for opportunity cost in economics?
The central economy in market research is solved by-
The primary assumption about resources while drawing a Production Possibility Curve is
Which of the following is a statement of normative nature in economics ?
1. Economics is a study of choices /alternatives.
2. The government should be concerned with how to reduce unemployment.
3. According to the estimate, in spite of severe shortage, more than 10% of houses in Indian cities are vacant.
4. Accommodation of refugees is posing a big problem for Europe.
Select the correct answer using the options given below:
Consider the following statements:
1. In a centrally planned economy, all important decisions regarding production, exchange and consumption of goods and services are made by the government.
2. In a market system, all goods or services come with a price which is agreed upon by the government.
The correct statement(s) is/are: