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Introduction

Question

Define MRT.

Solution

Marginal Rate of Transformation (MRT) is the ratio of number of units of a good sacrificed to increase in one more unit of the other good.
MRT = ΔY/ΔX

Some More Questions From Introduction Chapter

How is PPC affected by unemployment in the economy? Explain.

Massive unemployment shifts the PPC to the left. Defend or refute.

What is meant by resources?

What do you understand by the term 'individual' in economics?

What is meant by goods?

Define services.

What is meant by commodities?

What is meant by an economy?

What are vital functions of an economy?

Name three basic economic activities of life.

Mock Test Series

NCERT Sample Papers

Entrance Exams Preparation

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Introduction

Define MRT.

Some More Questions From Introduction Chapter

How is PPC affected by unemployment in the economy? Explain.

Massive unemployment shifts the PPC to the left. Defend or refute.

What is meant by resources?

What do you understand by the term 'individual' in economics?

What is meant by goods?

Define services.

What is meant by commodities?

What is meant by an economy?

What are vital functions of an economy?

Name three basic economic activities of life.

Mock Test Series

NCERT Sample Papers

Entrance Exams Preparation

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