Class XII

If an economy was producing 10 billion tonnes of steel and 3 billion tonnes of wheat. What will be the opportunity cost of producing wheat if it was producing 15 tonnes of steel and 2 billion tonnes of wheat?
  1. 30 tonnes of steel
  2. 25 tonnes of steel
  3. 1 ton of steel
  4. 5 tonnes of steel
Labour intensive technique would get chosen in
  1. Capital surplus economy
  2. Developing economies
  3. Developed economies
  4. Labour surplus economy
Increasing MOC mean
  1. Concave PPC
  2. Straight PPC
  3. Inverted PPC
  4. Convex PPC
If MOC decreases, the shape of PPC will be
  1. Concave
  2. Straight
  3. Inverted
  4. Convex
For a farmer increasing sacrifice of potatoes for each unit of onions will produce _______ shape of his PPC.
  1. Hyperbola
  2. Straight
  3. Concave
  4. Convex
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