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