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