The sacrifice of some or all one economic goal, good, or services to achieve some other goal, good or service is called__________________?
Correct answer: C. Trade offs
- A. Trade block
- B. Trade union
- C. Trade offs
- D. All
Explanation
A trade-off is the sacrifice of one objective, good, or service to obtain more of another because resources are limited. Trade blocks and trade unions are institutional arrangements, not sacrifices between alternatives.
Last updated
Practise Agricultural Economics and Extension
190 free Agricultural Economics and Extension MCQs from Agriculture, each with the correct answer and an explanation. Unlimited attempts, no account needed.
Exams that ask Agriculture questions like this
Agriculture is on this paper prepared for on TestUstad, and all of them draw the same bank, so this question is worth knowing for it.
Related questions
A bank which lends to developing nations to help them increase their capital stock and this achieve economic growth ?
A benefit or cost from production or consumption accruing without compensation to non buyers and non/sellers of the product is called_________________?
A. Cetris peribus stands for__________________?
A closed economy that attempts to be completely self-reliant ?
A commercial bank authorized by state govt. to engage in business of banking ?