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