A) Unemployment B) Scarcity C) Poverty D) Inflation
A) Socialist B) Capitalist C) Mixed D) Command
A) Oligopoly B) Monopoly C) Monopsony D) Perfect Competition
A) All of the above B) To control inflation C) To reduce unemployment D) To promote economic growth
A) Price Ceiling B) Price mechanism C) Price control D) Price floor
A) income distribution B) taste and fashion C) price of the commodity D) the size of the population
A) 0.50 B) 2.00 C) 0.65 D) 2.50
A) fiscal policy B) export policy C) import policy D) monetary policy
A) utilities enjoyed by consumers B) Incomes of consumer in order of size C) consumer’s wants in order of priority D) opportunity cost of goods consumed
A) net national product B) net factor income C) net indirect taxes D) net present value
A) Is Vertical B) Is Horizontal C) Slopes upward D) Slopes downward
A) transfer of funds from one bank to another B) the amount paid to a worker on transfer C) unemployment allowance paid to the citizens D) money transferred to another country
A) Service industry B) Construction industry C) Processing industry D) Mining industry
A) he equates marginal utility and price B) he can equate his marginal and total utilities C) his marginal utility is equal to zero D) he can equate his demand with price
A) invisible balance account transaction B) current account transaction C) capital account transaction D) balance of trade account transaction
A) common agricultural policy is in place B) the size of the market is widened C) factors of production are free to move and be moved D) common currency is in use
A) attainable and efficient production levels. B) unattainable production levels. C) attainable but inefficient production levels. D) optimum production levels.
A) it is an active factor B) it’s reward is wages and salaries C) it’s efficiency depends on its size D) it is highly mobile
A) capitalist economies B) statutory corporations C) command economies D) socialist economies
A) setting of production targets by public authorities. B) freedom of choice for consumers. C) private ownership of productive inputs. D) determination of price by market forces.
A) 150° B) 16.6° C) 300° D) 60°
A) price of another product B) demand for the product C) income of the buyer D) price of the product
A) less than one B) zero C) greater than one D) one
A) 33.3% B) 80% C) 65% D) 30%
A) income and consumers increase B) size of the population changes C) rare commodities are involved D) normal goods are involved
A) a decrease in the price of milk B) a favorable weather condition C) an increase in income of consumers D) a change in taste in favour of milk
A) derived demand B) composite demand C) complementary demand D) competitive demand
A) supply only B) price and supply C) price only D) quantity supplied only
A) fairly inelastic B) fairly elastic C) perfectly elastic D) perfectly inelastic
A) diminishing returns to scale B) diminishing marginal utility C) consumer’s choice D) increasing return to scale
A) foreign companies B) consumers C) government D) small scale producers
A) marginal cost to fall B) marginal revenue to fall C) firm to be de-stabilized D) average cost to rise
A) increasing the quantity of raw materials B) purchasing more equipments C) changing its organizational structure D) increasing the size of its machines
A) $10 B) $15 C) $4 D) $8
A) marginal revenue is greater than marginal cost at all levels. B) new firms can not enter the market due to copyright laws. C) profits are not enough to repay traders' loans. D) more firms can enter the industry due to attractive prof its.
A) commercialization B) nationalization C) indigenization D) liberalization
A) departmental stores B) retailers C) supermarkets D) wholesalers
A) there are less monetary benefits B) welfare packages improve C) unemployment benefit rises D) holiday entitlement is cut
A) immigration rate B) death rate C) net migration D) fertility rate
A) the presence of many extension workers B) the use of simple traditional implements C) the law of increasing returns to scale D) laziness on the part of farmers |