List of top Economics Questions on Resource Allocation

The problem of “What to produce?” includes which of the following considerations?
• [(A)] Whether to produce more of food, clothing, and housing or luxury goods.
• [(B)] Whether to allocate more resources to education or military services.
• [(C)] Whether to use labour-intensive or capital-intensive production methods.
• [(D)] Whether to focus on consumption goods or investment goods. Choose the correct answer from the options below:

The set of all possible combinations of two inputs that produce the same level of output is known as:

Which of the following are characteristics of a perfectly competitive market? A. There is perfect information in the market.
B. The market price is determined by the collective interaction of supply and demand.
C. Each firm has significant market power to influence prices.
D. Firms in a perfectly competitive market earn normal profit in the long run.
Choose the correct answer:

The decision of whether to produce more consumption goods or more investment goods, to boost future production and consumption, relates to which central problem of an economy?

The decision of whether to produce more consumption goods or more investment goods, to boost future production and consumption, relates to which central problem of an economy?

The decision of whether to produce more consumption goods or more investment goods, to boost future production and consumption, relates to which central problem of an economy?

The decision of whether to produce more consumption goods or more investment goods, to boost future production and consumption, relates to which central problem of an economy?

The Government of India reduced its defence budget expenditure to increase its health budget expenditure during the COVID pandemic. Which objective of the budget was the government trying to achieve through this step?