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