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