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