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