A) economics B) political science C) geography D) sociology
A) the production of goods only B) how to make profit 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) demand C) utility D) scarcity
A) micro-economics B) political economics C) macro-economics D) business economics
A) wants are limited B) people are greedy C) resources are scarce D) goods are abundant
A) cost of production B) The total benefit gained C) The amount of money spent D) The next best alternative forgone
A) governments are corrupt B) new wants keep arising C) money is scarce D) man's resources are few
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) waste resources C) make rational decisions D) ignore opportunity costs
A) formulate good policies B) exploit the poor C) increase corruption D) raise salaries
A) encouraging waste B) increasing inequality C) Helping efficient resource use D) discouraging production
A) buy more than needed B) waste resources C) make wise spending decisions D) avoid saving
A) producing advertisments B) increasing wages automatically C) printing money D) determining market trends
A) governments are weak B) population is high C) wants are unlimited and resources are limited D) prices are low
A) cost of production B) choice of techniques C) location of production D) type of goods to produce
A) the total output B) the time of production C) who will consume the goods D) the method or technique 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) Choice C) Scarcity D) Inflation
A) manufacturing only B) creating goods and services to satisfy human wants C) buying and storing D) selling goods at a market
A) increase population B) create employment C) satisfy human wants D) reduce exports
A) exchange B) distribution C) consumption D) manufacturing
A) mining, farming and fishing B) transport and trade C) banking and insurance D) advertising
A) banking B) manufacturing C) farming D) teaching
A) mining B) construction C) manufacturing D) service industries
A) exchange B) production C) distribution D) consumption
A) self-cooking B) Building your own house C) Washing your own clothes D) Tailor sewing for pay
A) profit B) interest C) wage D) rent
A) Five B) Four C) Two D) Three
A) Rent B) wage C) profit D) interest
A) buildings and machines B) capital C) all natural resources used in production D) soil only
A) land B) buildings C) machines D) all human efforts used in production
A) wage B) profit C) interest D) rent
A) decreases output B) reduces unemployment C) causes scarcity D) increases efficiency
A) organizing and managing the factors of production B) providing only labour C) earning rent D) making government policies
A) interest B) wage C) rent D) profit
A) Subsidy B) Interest C) Rent D) Profit
A) brought into the factory B) purchased for the purpose of production C) combined in the production process D) profitable to the production process
A) primary productive B) items of production C) labour and material resources D) factors of production
A) human needs are easy to define B) human wants are limitless while the means to satisfy them are limited C) human wants are more than human wants D) material things are more than human wants
A) factory building B) pipe-borne water C) raw materials D) electric power
A) vegetation and it's products B) land as the earth surface C) all natural resources D) fishes in water bodies
A) Capital B) Entrepreneur C) Land D) Labour
A) production B) manufacturing C) factor procurement D) industrialization
A) people can work without capital B) most tasks can be done with bare hands 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) Capital B) labour C) Entrepreneur D) Land
A) Physical effort B) Skillful effort C) Mental effort D) Immobility of labour
A) are scarce B) are available C) are available D) are limited
A) the absence of skilled labour B) corruption in high places C) the creation of artificial scarcity D) inadequate resources
A) What to produce B) Scarcity C) level of inflation D) Price of commodity |