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