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