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