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