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