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