Question 8
Question 8 of 30
Question image for Q8
You can solve this MCQ to see its answer, but your attempt won't be logged unless you login
No letter options?
Older MCQs might not have the typical A, B, C, D choices. They have choices 1, 2, 3, and a combination of them is the answer. Below is the key that maps such combinations to the answer.
A 1, 2 and 3 are correct
B 1 and 2 only are correct
C 2 and 3 only are correct
D 1 only is correct
Topics Tested
1. Basic economic ideas a...
1.1. Scarcity, choice and opportuni...

basic questions of resource allocation: what to produce, how to produce, for whom to produce

2. The price system and t...
2.5. Consumer and producer surplus

meaning and significance of consumer surplus