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