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