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