A) attainable but inefficient production levels B) attainable and efficient production levels C) optimum production levels D) unattainable production levels
A) Its efficiency depends on its size B) It is an active factor C) Its reward is wages or salaries D) It is highly mobile
A) Capitalist economic B) Command economic C) Statutory economic D) Socialist economic
A) Determination of Price by market forces B) Setting of production targets by public authorities C) Private ownership of productive input D) Freedom of choice for consumers
A) 300° B) 60° C) 150° D) 16.6°
A) Income of the buyer B) Demand for the product C) Price of the product D) Price of another product
A) One B) Greater then one C) Zero D) Less then one
A) 33.3% B) 66.7% C) 30.0% D) 50.0%
A) Rare commodities B) Size of the production change C) Normal goods are involved D) Incomes of consumers increase
A) perfectly inelastic B) fairly elastic C) fairly inelastic D) Perfectly elastic
A) consumer's choice B) diminishing returns to scale C) increasing returns to scale D) diminishing marginal utility
A) Government B) Consumers C) Small scale producers D) foreign companies.
A) marginal cost to fall B) marginal revenue to fall C) firm to be de- stabilized D) average cost to rise
A) purchasing more equipment B) increasing the quantity of raw materials C) changing its organizational structure D) increasing the size of its machines
A) $4 B) $8 C) $6 D) $10
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) liberalization C) indigenization D) nationalization
A) joint-stock company B) partnership C) constimer co- operative society D) sole proprietorship
A) Department store B) Supermarket C) Retailers D) Wholesalers
A) unemployment benefit rises B) welfare packages improve C) there are less monetary benefits D) holiday entitlement is cut
A) Stock exchange B) development banks C) merchant banks D) central banks
A) immigration rate. B) net migration. C) fertility rate. D) death rate
A) the presence of many extension workers B) laziness on the part of farmers C) the law of increasing returns to scale D) the use of simple traditional implements
A) Less labour will be required on the farm B) Governments will no longer be involved in agriculture C) Labour intensive method of farming will still be dominant D) More jobs will be available for farm labourers
A) musicians B) laundry women C) subsistence farmers D) housekeepers
A) store of value B) standard for deferred payment C) unit of account D) relative scarcity
A) money given out as loans to members of the public B) money in circulation plus bank deposits C) amount of money spent on consumer goods D) amount of currency printed annually by the government.
A) supply of and demand for short term loans only B) supply of and demand for long term loans for investment C) sales and purchases of capital equipment D) sales and purchases of treasury bills
A) the government alone B) both the sellers and the buyers 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) Cocoa B) Oil palm C) Coal D) Rubber
A) Market demand B) Competitive demand C) Derived demand D) Complementary demand
A) Remain unchanged B) Shift to the left C) Shift to the right D) Become vertical
A) Complementary supply B) Joint supply C) Abnormal supply D) Composite
A) Be able to reap internal economies of scake B) Be about external economies of scale C) Encourage rural urban migration D) Be able to even out development
A) satisfy every member of all societies B) rank individuals' wants given the abundant resources C) produce all the goods needed by everyone D) make choice when resources are inadequate
A) joint stock company B) partnership C) private company D) cooperative society
A) downward sloping B) horizontal C) vertical D) upward sloping
A) government protection and funding B) technological economies of scale C) financial economies of scale D) external economies of scale
A) residual unemployment B) frictional unemployment C) cyclical unemployment D) technological 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) purchase of new vehicles B) the cost of building a school C) paying salaries of workers D) electrification projects in rural areas
A) a decrease in revenue B) an increase in revenue C) a fall in quantity demanded 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) number of children who depend on their parents for survival D) people who are cared for by their extended families
A) remain constant B) turn negative C) decrease D) increase
A) mass media B) wholesalers C) retailers D) advertising agencies
A) population increases much faster than food supply B) food supply increases much faster than population growth C) the size of the population and available resources are equal D) both population and food supply increase at the same rate
A) $30m B) $60m C) $40m D) $500m
A) initial population plus number of births and net migration B) the number of immigrants plus number of births C) the difference between birth rate and death rate D) birth rate less death rate plus net migration
A) granting old firms tax exemptions B) granting capital to firms at reasonable interest rates C) setting up industrial estates with modern amenities D) local firms entering into partnerships with foreign firms
A) they practice mechanized system of farming B) wages in the sector is high C) labour intensive method is mostly adopted D) abnormal profits are made
A) corporate taxes B) poll taxes C) direct taxes D) indirect taxes
A) bonds B) cheque C) cash D) shares
A) supply of kerosene will fall B) supply of kerosene will remain unchanged C) supply of kerosene will rise D) cost of crude oil production has increased
A) selected essential goods B) inferior goods C) luxury goods D) imported capital goods
A) 8 B) 7 C) 7.5 D) 8.5
A) fiscal policies B) trade restriction policies C) foreign exchange policies D) monetary policies
A) there is low labour supply B) the population is decreasing C) the income per head is low D) the contribution of tertiary sector to national income is high
A) Inadequate supply of labour B) Language barriers C) Production of the same commodities D) Poor transportation and communication
A) stability B) growth C) development D) efficiency |