A) output B) resource C) wants D) choice
A) How to balance the needs of the economy with society and the environment B) None C) The allocation of resources among competing wants because there are unlimited wants limited resources D) How to ensure continuous economic growth in the face of uncertainty
A) The monetary equivalent of the utility of commodity B) Implicit cost C) Alternate forgone D) Cost related to an optimum level of production
A) the household monthly income B) budget perparation without paying due regard to priority C) consumers preference for luxury goods D) list of goods and services in order of priority
A) None of the above B) selection of most pressing wants out of a range of alternatives C) separating defective commodities from non-defective ones D) ranking of wants in an ascending order
A) The combination of resources to be used B) Which goods and services to be produced C) How much goods are to be produced D) How many wants are to be satisfied
A) efficiency of resource use B) scale of production C) for whom to produce D) how to produce
A) efficient use if resources B) how to produce C) where to produce D) none
A) scarcity B) choice C) wants D) none of the above
A) making optimum allocation of resources B) using scarce resources efficiently C) satisfying wants D) making rational
A) Capital B) The market C) Illiteracy D) Government policies
A) Bill Gates B) Alfred Marshal C) Adam Smith D) A.C Pigou
A) Social sciences B) Physical sciences C) National sciences D) None of the above
A) Collection of data B) Observation C) Wants D) Formulation of hypothesis
A) Expression of cost B) Limited supply of resources C) Financial prudence D) An insatiable desire of need by human being
A) A.C Pigou B) Mr Bean C) Lionel C Robbins D) John Stuart Mill
A) Production and distribution B) Mankind C) None D) Wealth
A) Technological advancement B) Factors of production C) Production function D) Technique of production
A) Demand and supply B) Wants and needs C) Labour and capital intensive D) Choice and scarcity
A) capital B) machine C) labour D) land
A) Choice B) Wants C) Scarcity D) Needs
A) Resources B) Wants C) Choice D) Opportunity cost
A) Observation B) Collecting of data C) Evaluation D) Formulating laws
A) None of the above B) H.J davenport C) A.C pigou D) Adam Smith
A) Lauren johnson B) John Stuart Mill C) Lionel Robbins D) Alfred Marshal
A) None B) Labour and capital intensive C) Capital intensive D) Labour intensive
A) Histogram B) Bars Charts C) Pie chart D) Pictogram
A) All of the above B) Multiple bar chart C) Component bar chart D) Simple bar chart
A) Multiple bar chart B) Simple bar chart C) None D) Component bar chart
A) Multiple bar chart B) Single bar chart C) Pie charts D) Bar chart
A) Table B) All of the above C) Charts D) Line graph
A) The must be numbered B) They must be labeled properly for better understanding C) Graph must possess appropriate scales D) They must have a title
A) Charts B) Graph C) None D) Table
A) Graph B) Pictogram C) Variable D) Table
A) 105 degree B) 100 degree C) 108 degree D) 90 degree
A) 72 degree B) 75 degree C) 80 degree D) 85 degree
A) Both B) None C) Protractor D) Compass
A) The return on investment B) Availability of capital C) Problem of market limitation D) The payback period
A) Entrepreneur ability B) Capital C) Stages of development D) Government policies
A) Public enterprises B) Private enterprises C) None of the above D) Joint ventureship |