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