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) machinery C) raw material
A) producers of consumer goods B) the pattern of consumers spending 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) mobile phone B) labour C) textbook
A) the level of technology B) taxation C) cost of production
A) from a single producer B) offered for sale at a market price C) produced for the market
A) cost of production B) time period C) nature of the product
A) a fall in the cost of production B) increase in the income of consumers C) increase in the price of a product
A) less than his total utility B) equal to his total utility C) equal to his marginal utility
A) price legislation B) inadequate information C) excess supply
A) market clearing price B) price fall C) demand 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 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) his average revenue cost is horizontal C) he determines both price and output
A) private firm B) public company C) statutory company
A) public limited company B) partnership C) public corporation
A) demand of labour B) labour force C) supply 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) consumers cooperative society B) sales agents C) producers cooperative society
A) rent B) interest C) pensions
A) add net factor income from abroad B) measure output as a factor cost C) avoid multiple counting of output
A) inflation B) devaluation C) deflation
A) size of workers B) general price C) total level of savings
A) medium of exchange B) store of value C) stable in value
A) lender of last resort B) accepts deposit from the public C) services the public debts
A) excise duty B) specific tax C) capital gain tax
A) high productivity B) income inequality C) low life expectancy
A) savings and investment B) early marriage C) importation of more consumers goods
A) industries enjoying tax holidays B) newly established industries C) industries producing baby products
A) comparative advantage B) absolute cost advantage C) terms of trade
A) rice B) coal C) iron ore
A) pollution of water bodies B) land degradation C) re afforestation in rural communities
A) resources are mismanaged by leaders B) there is no proper planning C) resources are not in adequate supply
A) economic development B) scarcity of resources C) unemployment of labour
A) entrepreneur B) management C) labour union
A) demand falls as output rises B) prices must be lowered to sell more C) demand falls as output falls
A) inferior goods B) complementary 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) joint supply B) complementary demand C) competitive demand
A) It varies with time B) It is fixed C) It rises with demand
A) perfectly inelastic B) fairly elastic supply C) infinitely 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) structural unemployment B) seasonal unemployment C) residual unemployment
A) rent B) profits C) wages and salaries
A) a transaction motive B) a speculative motive C) a precautionary motive
A) commodity market B) capital market C) money market
A) corruption and mismanagement B) inadequate supply of money C) the large number of the unemployed
A) agriculture B) mining C) trading
A) increasing local production B) adding to export group C) reducing tarrifs
A) labour market B) capital market C) money market
A) comparative cost B) fixed 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) more public goods are provided B) subsidy is provided on petroleum products C) more private schools are established |