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