A) unattainable production levels B) attainable and efficient production levels C) attainable but inefficient production levels D) optimum production levels
A) It is highly mobile B) It is an active factor C) Its efficiency depends on its size D) Its reward is wages or salaries
A) Socialist economic B) Command economic C) Statutory economic D) Capitalist economic
A) Private ownership of productive input B) Setting of production targets by public authorities C) Determination of Price by market forces D) Freedom of choice for consumers
A) 150° B) 16.6° C) 60° D) 300°
A) Income of the buyer B) Demand for the product C) Price of the product D) Price of another product
A) Zero B) Less then one C) Greater then one D) One
A) 30.0% B) 66.7% C) 33.3% D) 50.0%
A) Size of the production change B) Rare commodities C) Normal goods are involved D) Incomes of consumers increase
A) Perfectly elastic B) fairly elastic C) perfectly inelastic D) fairly inelastic
A) diminishing returns to scale B) diminishing marginal utility C) increasing returns to scale D) consumer's choice
A) foreign companies. B) Small scale producers C) Government D) Consumers
A) marginal cost to fall B) marginal revenue to fall C) firm to be de- stabilized D) average cost to rise
A) changing its organizational structure B) increasing the quantity of raw materials C) purchasing more equipment D) increasing the size of its machines
A) $4 B) $6 C) $8 D) $10
A) profits are not enough to repay traders' loans B) new firms can not enter the market due to copyright laws C) more firms can enter the industry due to attractive prof its D) marginal revenue is greater than marginal cost at all levels
A) indigenization B) liberalization C) nationalization D) commercialization
A) constimer co- operative society B) partnership C) joint-stock company D) sole proprietorship
A) Supermarket B) Retailers C) Department store D) Wholesalers
A) there are less monetary benefits B) unemployment benefit rises C) holiday entitlement is cut D) welfare packages improve
A) merchant banks B) Stock exchange C) development banks D) central banks
A) net migration. B) death rate C) immigration rate. D) fertility rate.
A) the presence of many extension workers B) laziness on the part of farmers C) the use of simple traditional implements D) the law of increasing returns to scale
A) Less labour will be required on the farm B) Labour intensive method of farming will still be dominant C) More jobs will be available for farm labourers D) Governments will no longer be involved in agriculture
A) musicians B) laundry women C) subsistence farmers D) housekeepers
A) standard for deferred payment B) unit of account C) store of value D) relative scarcity
A) amount of money spent on consumer goods B) amount of currency printed annually by the government. C) money in circulation plus bank deposits D) money given out as loans to members of the public
A) sales and purchases of treasury bills B) sales and purchases of capital equipment C) supply of and demand for long term loans for investment D) supply of and demand for short term loans only
A) the government alone B) the buyers alone C) both the sellers and the buyers D) both the buyers and the government
A) low per capita income B) high rate of household savings C) high rate of investment D) low importation of consumer goods
A) Coal B) Cocoa C) Oil palm D) Rubber
A) Market demand B) Derived demand C) Complementary demand D) Competitive demand
A) Shift to the left B) Shift to the right C) Become vertical D) Remain unchanged
A) Abnormal supply B) Complementary supply C) Composite D) Joint supply
A) Be about external economies of scale B) Be able to reap internal economies of scake C) Encourage rural urban migration D) Be able to even out development
A) rank individuals' wants given the abundant resources B) make choice when resources are inadequate C) satisfy every member of all societies D) produce all the goods needed by everyone
A) joint stock company B) private company C) partnership D) cooperative society
A) vertical B) upward sloping C) downward sloping D) horizontal
A) government protection and funding B) external economies of scale C) financial economies of scale D) technological economies of scale
A) cyclical unemployment B) residual unemployment C) frictional unemployment D) technological unemployment
A) there is a decrease in the demand for goods and services B) people prefer to lend than to borrow C) the same amount of money buys lower quantity of goods D) there are too many goods in circulation
A) purchase of new vehicles B) paying salaries of workers C) electrification projects in rural areas D) the cost of building a school
A) a fall in quantity demanded B) a decrease in revenue C) a fall in demand D) an increase in revenue
A) total active population who depend on government for survival B) number of children who depend on their parents for survival C) people who are cared for by their extended families D) the children and aged who rely on the active population for support
A) increase B) decrease C) remain constant D) turn negative
A) mass media B) wholesalers C) retailers D) advertising agencies
A) the size of the population and available resources are equal B) food supply increases much faster than population growth C) both population and food supply increase at the same rate D) population increases much faster than food supply
A) $60m B) $30m C) $40m D) $500m
A) birth rate less death rate plus net migration B) initial population plus number of births and net migration C) the number of immigrants plus number of births D) the difference between birth rate and death rate
A) granting capital to firms at reasonable interest rates B) granting old firms tax exemptions C) local firms entering into partnerships with foreign firms D) setting up industrial estates with modern amenities
A) they practice mechanized system of farming B) abnormal profits are made C) labour intensive method is mostly adopted D) wages in the sector is high
A) indirect taxes B) corporate taxes C) poll taxes D) direct taxes
A) bonds B) cheque C) shares D) cash
A) supply of kerosene will remain unchanged B) supply of kerosene will fall C) supply of kerosene will rise D) cost of crude oil production has increased
A) selected essential goods B) inferior goods C) imported capital goods D) luxury goods
A) 7.5 B) 7 C) 8.5 D) 8
A) fiscal policies B) foreign exchange policies C) monetary policies D) trade restriction policies
A) the income per head is low B) the population is decreasing C) the contribution of tertiary sector to national income is high D) there is low labour supply
A) Production of the same commodities B) Inadequate supply of labour C) Language barriers D) Poor transportation and communication
A) growth B) stability C) development D) efficiency |