A) its issues are relevant for national development B) its subject matter studies human behaviour C) It adopts scientific method in making its analysis
A) transportation and entertainment B) the wages given up to attend the university C) tuition fee and books
A) raw material B) fuel C) machinery
A) the pattern of consumers spending B) directives of the government C) producers of consumer goods
A) desire for the commodity B) ability to pay for the commodity C) ability to pay for the commodity
A) labour B) textbook C) mobile phone
A) cost of production B) taxation C) the level of technology
A) produced for the market B) offered for sale at a market price C) from a single producer
A) time period B) nature of the product C) cost of production
A) increase in the income of consumers B) increase in the price of a product C) a fall in the cost of production
A) equal to his marginal utility B) equal to his total utility C) less than his total utility
A) price legislation B) excess supply C) inadequate information
A) price fall B) market clearing price C) demand price
A) total cost of production is increasing B) average revenue and marginal revenue decreases C) average cost of production decreases as output increases
A) can save time and produce more B) become experts in all areas of production C) can concentrate on all goods
A) marginal cost B) total fixed cost C) total revenue
A) total cost B) total revenue C) total profit
A) his average revenue cost is horizontal B) he determines both price and output C) he determines either price or output
A) public company B) statutory company C) private firm
A) public limited company B) partnership C) public corporation
A) demand of labour B) labour force C) supply of labour
A) decrease in standard of living B) decrease in cost of living C) increase in food supply
A) internal economies B) external economies C) extent of the division of labour
A) producers cooperative society B) sales agents C) consumers cooperative society
A) pensions B) rent C) interest
A) add net factor income from abroad B) measure output as a factor cost C) avoid multiple counting of output
A) deflation B) inflation C) devaluation
A) general price B) total level of savings C) size of workers
A) store of value B) medium of exchange C) stable in value
A) lender of last resort B) accepts deposit from the public C) services the public debts
A) specific tax B) capital gain tax C) excise duty
A) high productivity B) income inequality C) low life expectancy
A) early marriage B) savings and investment C) importation of more consumers goods
A) newly established industries B) industries enjoying tax holidays C) industries producing baby products
A) comparative advantage B) absolute cost advantage C) terms of trade
A) coal B) rice C) iron ore
A) re afforestation in rural communities B) land degradation C) pollution of water bodies
A) resources are mismanaged by leaders B) resources are not in adequate supply C) there is no proper planning
A) scarcity of resources B) unemployment of labour C) economic development
A) labour union B) entrepreneur C) management
A) prices must be lowered to sell more B) demand falls as output falls C) demand falls as output rises
A) inferior goods B) normal goods C) complementary goods
A) change in taste of the consumer B) expectation of future price increase C) increases in price of the consumer
A) competitive demand B) joint supply C) complementary demand
A) It is fixed B) It rises with demand C) It varies with time
A) perfectly inelastic B) fairly elastic supply C) infinitely elastic supply
A) there is no government intervention B) there is no free entry and exit C) the demand is the same as the supply
A) less than average variable cost B) greater than average variable cost C) equal to the average cost
A) structural unemployment B) seasonal unemployment C) residual unemployment
A) profits B) wages and salaries C) rent
A) a speculative motive B) a transaction motive C) a precautionary motive
A) commodity market B) capital market C) money market
A) inadequate supply of money B) corruption and mismanagement C) the large number of the unemployed
A) mining B) trading C) agriculture
A) increasing local production B) adding to export group C) reducing tarrifs
A) money market B) labour market C) capital market
A) fixed cost B) comparative cost C) variable cost
A) customers increase their borrowing B) money supply increases C) borrowing is discouraged
A) secondary sector B) tertiary sector C) primary sector
A) subsidy is provided on petroleum products B) more private schools are established C) more public goods are provided |