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