A) Inflation B) Poverty C) Unemployment D) Scarcity
A) Mixed B) Command C) Socialist D) Capitalist
A) Monopoly B) Monopsony C) Oligopoly D) Perfect Competition
A) All of the above B) To control inflation C) To reduce unemployment D) To promote economic growth
A) Price Ceiling B) Price control C) Price floor D) Price mechanism
A) income distribution B) the size of the population C) price of the commodity D) taste and fashion
A) 2.00 B) 2.50 C) 0.65 D) 0.50
A) import policy B) fiscal policy C) export policy D) monetary policy
A) consumer’s wants in order of priority B) utilities enjoyed by consumers C) opportunity cost of goods consumed D) Incomes of consumer in order of size
A) net national product B) net present value C) net factor income D) net indirect taxes
A) Slopes downward B) Is Vertical C) Slopes upward D) Is Horizontal
A) transfer of funds from one bank to another B) money transferred to another country C) unemployment allowance paid to the citizens D) the amount paid to a worker on transfer
A) Processing industry B) Construction industry C) Service industry D) Mining industry
A) his marginal utility is equal to zero B) he can equate his marginal and total utilities C) he equates marginal utility and price D) he can equate his demand with price
A) current account transaction B) capital account transaction C) balance of trade account transaction D) invisible balance account transaction
A) the size of the market is widened B) common agricultural policy is in place C) factors of production are free to move and be moved D) common currency is in use
A) attainable but inefficient production levels. B) unattainable production levels. C) optimum production levels. D) attainable and efficient production levels.
A) it’s efficiency depends on its size B) it’s reward is wages and salaries C) it is highly mobile D) it is an active factor
A) socialist economies B) command economies C) capitalist economies D) statutory corporations
A) determination of price by market forces. B) setting of production targets by public authorities. C) private ownership of productive inputs. D) freedom of choice for consumers.
A) 150° B) 300° C) 60° D) 16.6°
A) price of another product B) demand for the product C) income of the buyer D) price of the product
A) less than one B) greater than one C) one D) zero
A) 80% B) 33.3% C) 65% D) 30%
A) income and consumers increase B) normal goods are involved C) rare commodities are involved D) size of the population changes
A) a decrease in the price of milk B) an increase in income of consumers C) a favorable weather condition D) a change in taste in favour of milk
A) complementary demand B) competitive demand C) composite demand D) derived demand
A) supply only B) quantity supplied only C) price only D) price and supply
A) perfectly elastic B) fairly inelastic C) perfectly inelastic D) fairly elastic
A) consumer’s choice B) increasing return to scale C) diminishing marginal utility D) diminishing returns to scale
A) small scale producers B) foreign companies C) consumers D) government
A) average cost to rise B) marginal cost to fall C) firm to be de-stabilized D) marginal revenue to fall
A) changing its organizational structure B) purchasing more equipments C) increasing the quantity of raw materials D) increasing the size of its machines
A) $10 B) $8 C) $15 D) $4
A) more firms can enter the industry due to attractive prof its. B) marginal revenue is greater than marginal cost at all levels. C) profits are not enough to repay traders' loans. D) new firms can not enter the market due to copyright laws.
A) nationalization B) liberalization C) indigenization D) commercialization
A) retailers B) supermarkets C) wholesalers D) departmental stores
A) unemployment benefit rises B) welfare packages improve C) holiday entitlement is cut D) there are less monetary benefits
A) fertility rate B) net migration C) immigration rate D) death rate
A) the law of increasing returns to scale B) the use of simple traditional implements C) the presence of many extension workers D) laziness on the part of farmers |