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) tuition fee and books B) transportation and entertainment C) the wages given up to attend the university
A) machinery B) raw material C) fuel
A) directives of the government B) the pattern of consumers spending C) producers of consumer goods
A) ability to pay for the commodity B) ability to pay for the commodity C) desire for the commodity
A) textbook B) mobile phone C) labour
A) taxation B) cost of production C) the level of technology
A) offered for sale at a market price B) produced for the market C) from a single producer
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) less than his total utility B) equal to his marginal utility C) equal to his total utility
A) price legislation B) excess supply C) inadequate information
A) price fall B) demand price C) market clearing price
A) average cost of production decreases as output increases B) total cost of production is increasing C) average revenue and marginal revenue decreases
A) become experts in all areas of production B) can concentrate on all goods C) can save time and produce more
A) total fixed cost B) total revenue C) marginal 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) statutory company C) public company
A) partnership B) public corporation C) public limited company
A) supply of labour B) demand of labour C) labour force
A) decrease in standard of living B) increase in food supply C) decrease in cost of living
A) extent of the division of labour B) external economies C) internal economies
A) sales agents B) producers cooperative society C) consumers cooperative society
A) interest B) rent C) pensions
A) measure output as a factor cost B) add net factor income from abroad C) avoid multiple counting of output
A) devaluation B) deflation C) inflation
A) total level of savings B) size of workers C) general price
A) stable in value B) store of value C) medium of exchange
A) accepts deposit from the public B) lender of last resort C) services the public debts
A) excise duty B) capital gain tax C) specific tax
A) low life expectancy B) income inequality C) high productivity
A) early marriage B) importation of more consumers goods C) savings and investment
A) industries producing baby products B) newly established industries C) industries enjoying tax holidays
A) absolute cost advantage B) comparative advantage C) terms of trade
A) coal B) iron ore C) rice
A) re afforestation in rural communities B) pollution of water bodies C) land degradation
A) resources are mismanaged by leaders B) resources are not in adequate supply C) there is no proper planning
A) unemployment of labour B) scarcity of resources C) economic development
A) labour union B) entrepreneur C) management
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) joint supply B) complementary demand C) competitive demand
A) It is fixed B) It varies with time C) It rises with demand
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) equal to the average cost B) less than average variable cost C) greater than average variable cost
A) seasonal unemployment B) residual unemployment C) structural unemployment
A) wages and salaries B) rent C) profits
A) a speculative motive B) a precautionary motive C) a transaction motive
A) commodity market B) money market C) capital 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) comparative cost B) variable cost C) fixed cost
A) borrowing is discouraged B) money supply increases C) customers increase their borrowing
A) primary sector B) secondary sector C) tertiary sector
A) more private schools are established B) more public goods are provided C) subsidy is provided on petroleum products |