A) political science B) geography C) economics D) sociology
A) how to make profit B) money and banking C) the production of goods only D) human behaviour as a relationship between ends and scarce means
A) John Keynes B) Adam Smith C) Karl Marx D) David Ricardo
A) utility B) money C) scarcity D) demand
A) macro-economics B) business economics C) micro-economics D) political economics
A) goods are abundant B) people are greedy C) wants are limited D) resources are scarce
A) cost of production B) The amount of money spent C) The total benefit gained D) The next best alternative forgone
A) man's resources are few B) governments are corrupt C) new wants keep arising D) money is scarce
A) there are not enough resources to satisfy wants B) there too many goods C) prices are always high D) consumers are rich
A) spend carelessly B) make rational decisions C) ignore opportunity costs D) waste resources
A) increase corruption B) raise salaries C) formulate good policies D) exploit the poor
A) encouraging waste B) Helping efficient resource use C) discouraging production D) increasing inequality
A) avoid saving B) buy more than needed C) waste resources D) make wise spending decisions
A) determining market trends B) increasing wages automatically C) printing money D) producing advertisments
A) governments are weak B) prices are low C) wants are unlimited and resources are limited D) population is high
A) type of goods to produce B) location of production C) choice of techniques D) cost of production
A) the method or technique of production B) who will consume the goods C) the total output D) the time of production
A) choosing who gets the goods and services B) deciding what to export C) determining the cost D) hiring workers
A) Trade unions B) Inflation C) Scarcity D) Choice
A) buying and storing B) manufacturing only C) creating goods and services to satisfy human wants D) selling goods at a market
A) reduce exports B) create employment C) satisfy human wants D) increase population
A) consumption B) manufacturing C) distribution D) exchange
A) banking and insurance B) mining, farming and fishing C) advertising D) transport and trade
A) teaching B) banking C) farming D) manufacturing
A) manufacturing B) construction C) service industries D) mining
A) exchange B) production C) distribution D) consumption
A) self-cooking B) Tailor sewing for pay C) Building your own house D) Washing your own clothes
A) interest B) wage C) rent D) profit
A) Four B) Three C) Two D) Five
A) profit B) Rent C) wage D) interest
A) capital B) soil only C) all natural resources used in production D) buildings and machines
A) land B) buildings C) all human efforts used in production D) machines
A) profit B) interest C) wage D) rent
A) decreases output B) increases efficiency C) reduces unemployment D) causes scarcity
A) making government policies B) earning rent C) providing only labour D) organizing and managing the factors of production
A) profit B) interest C) wage D) rent
A) Rent B) Subsidy C) Interest D) Profit
A) combined in the production process B) profitable to the production process C) purchased for the purpose of production D) brought into the factory
A) items of production B) labour and material resources C) factors of production D) primary productive
A) human wants are limitless while the means to satisfy them are limited B) human wants are more than human wants C) human needs are easy to define D) material things are more than human wants
A) electric power B) pipe-borne water C) raw materials D) factory building
A) land as the earth surface B) all natural resources C) fishes in water bodies D) vegetation and it's products
A) Entrepreneur B) Capital C) Labour D) Land
A) production B) industrialization C) manufacturing D) factor procurement
A) it provides money which is essential for the growth of business B) most tasks can be done with bare hands C) people can work without capital D) it enables us to carry out tasks which cannot be done by human effort only
A) Entrepreneur B) Capital C) Land D) labour
A) Physical effort B) Skillful effort C) Mental effort D) Immobility of labour
A) are available B) are scarce C) are available D) are limited
A) corruption in high places B) the absence of skilled labour C) inadequate resources D) the creation of artificial scarcity
A) level of inflation B) Scarcity C) Price of commodity D) What to produce |