A) sociology B) political science C) geography D) economics
A) how to make profit B) human behaviour as a relationship between ends and scarce means C) money and banking D) the production of goods only
A) John Keynes B) Karl Marx C) Adam Smith D) David Ricardo
A) utility B) scarcity C) money D) demand
A) business economics B) micro-economics C) macro-economics D) political economics
A) goods are abundant B) resources are scarce C) people are greedy D) wants are limited
A) cost of production B) The next best alternative forgone C) The amount of money spent D) The total benefit gained
A) governments are corrupt B) money is scarce C) man's resources are few D) new wants keep arising
A) there are not enough resources to satisfy wants B) consumers are rich C) there too many goods D) prices are always high
A) waste resources B) spend carelessly C) ignore opportunity costs D) make rational decisions
A) formulate good policies B) raise salaries C) increase corruption D) exploit the poor
A) discouraging production B) increasing inequality C) Helping efficient resource use D) encouraging waste
A) waste resources B) buy more than needed C) avoid saving D) make wise spending decisions
A) determining market trends B) increasing wages automatically C) printing money D) producing advertisments
A) prices are low B) population is high C) wants are unlimited and resources are limited D) governments are weak
A) location of production B) type of goods to produce C) choice of techniques D) cost of production
A) the total output B) the time of production C) the method or technique of production D) who will consume the goods
A) choosing who gets the goods and services B) hiring workers C) determining the cost D) deciding what to export
A) Trade unions B) Scarcity C) Choice D) Inflation
A) creating goods and services to satisfy human wants B) manufacturing only C) selling goods at a market D) buying and storing
A) increase population B) satisfy human wants C) create employment D) reduce exports
A) exchange B) consumption C) manufacturing D) distribution
A) transport and trade B) banking and insurance C) advertising D) mining, farming and fishing
A) banking B) farming C) teaching D) manufacturing
A) construction B) service industries C) manufacturing D) mining
A) exchange B) production C) consumption D) distribution
A) Building your own house B) Tailor sewing for pay C) Washing your own clothes D) self-cooking
A) profit B) rent C) wage D) interest
A) Five B) Three C) Two D) Four
A) Rent B) wage C) interest D) profit
A) soil only B) all natural resources used in production C) buildings and machines D) capital
A) machines B) land C) all human efforts used in production D) buildings
A) interest B) wage C) rent D) profit
A) decreases output B) reduces unemployment C) increases efficiency D) causes scarcity
A) making government policies B) providing only labour C) organizing and managing the factors of production D) earning rent
A) wage B) rent C) interest D) profit
A) Interest B) Rent C) Subsidy D) Profit
A) brought into the factory B) combined in the production process C) purchased for the purpose of production D) profitable to the production process
A) primary productive B) factors of production C) items of production D) labour and material resources
A) material things are more than human wants B) human needs are easy to define C) human wants are more than human wants D) human wants are limitless while the means to satisfy them are limited
A) electric power B) pipe-borne water C) factory building D) raw materials
A) all natural resources B) vegetation and it's products C) fishes in water bodies D) land as the earth surface
A) Entrepreneur B) Labour C) Land D) Capital
A) industrialization B) factor procurement C) manufacturing D) production
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) Capital C) Land D) labour
A) Mental effort B) Immobility of labour C) Physical effort D) Skillful effort
A) are available B) are scarce C) are limited D) are available
A) the creation of artificial scarcity B) the absence of skilled labour C) inadequate resources D) corruption in high places
A) Price of commodity B) What to produce C) Scarcity D) level of inflation |