A) its issues are relevant for national development B) It adopts scientific method in making its analysis C) its subject matter studies human behaviour
A) transportation and entertainment B) tuition fee and books C) the wages given up to attend the university
A) fuel B) raw material C) machinery
A) the pattern of consumers spending B) producers of consumer goods C) directives of the government
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) from a single producer C) produced for the market
A) nature of the product B) cost of production C) time period
A) a fall in the cost of production B) increase in the income of consumers C) increase in the price of a product
A) equal to his total utility B) equal to his marginal utility C) less than his total utility
A) price legislation B) excess supply C) inadequate information
A) demand price B) price fall 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) become experts in all areas of production C) can save time and produce more
A) total revenue B) marginal cost C) total fixed cost
A) total revenue B) total profit C) total cost
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) public corporation C) partnership
A) supply of labour B) demand of labour C) labour force
A) decrease in cost of living B) increase in food supply C) decrease in standard of living
A) extent of the division of labour B) external economies C) internal economies
A) producers cooperative society B) consumers cooperative society C) sales agents
A) pensions B) interest C) rent
A) measure output as a factor cost B) avoid multiple counting of output C) add net factor income from abroad
A) deflation B) devaluation C) inflation
A) total level of savings B) size of workers C) general price
A) stable in value B) medium of exchange C) store of value
A) services the public debts B) lender of last resort C) accepts deposit from the public
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) newly established industries B) industries producing baby products C) industries enjoying tax holidays
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 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) management C) entrepreneur
A) prices must be lowered to sell more B) demand falls as output falls C) demand falls as output rises
A) complementary goods B) inferior goods C) normal 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) complementary demand C) joint supply
A) It varies with time B) It is fixed C) It rises with demand
A) infinitely elastic supply B) perfectly inelastic C) fairly elastic supply
A) there is no free entry and exit B) the demand is the same as the supply C) there is no government intervention
A) greater than average variable cost B) less than average variable cost C) equal to the average cost
A) residual unemployment B) structural unemployment C) seasonal unemployment
A) rent B) profits C) wages and salaries
A) a precautionary motive B) a speculative motive C) a transaction motive
A) money market B) capital market C) commodity market
A) inadequate supply of money B) the large number of the unemployed C) corruption and mismanagement
A) agriculture B) trading C) mining
A) reducing tarrifs B) increasing local production C) adding to export group
A) capital market B) labour market C) money market
A) variable cost B) comparative cost C) fixed cost
A) money supply increases B) borrowing is discouraged C) customers increase their borrowing
A) tertiary sector B) primary sector C) secondary sector
A) more public goods are provided B) subsidy is provided on petroleum products C) more private schools are established |