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