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