A) unattainable production levels B) attainable and efficient production levels C) optimum production levels D) attainable but inefficient production levels
A) Its efficiency depends on its size B) It is an active factor C) It is highly mobile D) Its reward is wages or salaries
A) Command economic B) Socialist economic C) Statutory economic D) Capitalist economic
A) Private ownership of productive input B) Freedom of choice for consumers C) Determination of Price by market forces D) Setting of production targets by public authorities
A) 300° B) 60° C) 150° D) 16.6°
A) Income of the buyer B) Price of another product C) Price of the product D) Demand for the product
A) Less then one B) One C) Greater then one D) Zero
A) 30.0% B) 33.3% C) 50.0% D) 66.7%
A) Normal goods are involved B) Incomes of consumers increase C) Rare commodities D) Size of the production change
A) Perfectly elastic B) fairly inelastic C) perfectly inelastic D) fairly elastic
A) consumer's choice B) increasing returns to scale C) diminishing returns to scale D) diminishing marginal utility
A) foreign companies. B) Consumers C) Government D) Small scale producers
A) marginal cost to fall B) marginal revenue to fall C) average cost to rise D) firm to be de- stabilized
A) increasing the quantity of raw materials B) purchasing more equipment C) increasing the size of its machines D) changing its organizational structure
A) $4 B) $6 C) $8 D) $10
A) profits are not enough to repay traders' loans B) more firms can enter the industry due to attractive prof its C) marginal revenue is greater than marginal cost at all levels D) new firms can not enter the market due to copyright laws
A) liberalization B) indigenization C) nationalization D) commercialization
A) constimer co- operative society B) partnership C) sole proprietorship D) joint-stock company
A) Wholesalers B) Supermarket C) Retailers D) Department store
A) welfare packages improve B) unemployment benefit rises C) holiday entitlement is cut D) there are less monetary benefits
A) central banks B) development banks C) merchant banks D) Stock exchange
A) fertility rate. B) death rate C) net migration. D) immigration rate.
A) laziness on the part of farmers B) the use of simple traditional implements C) the law of increasing returns to scale D) the presence of many extension workers
A) Labour intensive method of farming will still be dominant B) More jobs will be available for farm labourers C) Less labour will be required on the farm D) Governments will no longer be involved in agriculture
A) subsistence farmers B) musicians C) laundry women D) housekeepers
A) relative scarcity B) standard for deferred payment C) unit of account D) store of value
A) money given out as loans to members of the public B) amount of money spent on consumer goods C) amount of currency printed annually by the government. D) money in circulation plus bank deposits
A) sales and purchases of capital equipment B) sales and purchases of treasury bills C) supply of and demand for long term loans for investment D) supply of and demand for short term loans only
A) the government alone B) the buyers alone C) both the sellers and the buyers D) both the buyers and the government
A) low importation of consumer goods B) high rate of investment C) low per capita income D) high rate of household savings
A) Rubber B) Cocoa C) Oil palm D) Coal
A) Competitive demand B) Complementary demand C) Derived demand D) Market demand
A) Become vertical B) Shift to the left C) Shift to the right D) Remain unchanged
A) Joint supply B) Abnormal supply C) Complementary supply D) Composite
A) Be able to reap internal economies of scake B) Be about external economies of scale C) Encourage rural urban migration D) Be able to even out development
A) produce all the goods needed by everyone B) make choice when resources are inadequate C) rank individuals' wants given the abundant resources D) satisfy every member of all societies
A) private company B) joint stock company C) partnership D) cooperative society
A) downward sloping B) upward sloping C) vertical D) horizontal
A) technological economies of scale B) financial economies of scale C) external economies of scale D) government protection and funding
A) frictional unemployment B) cyclical unemployment C) technological unemployment D) residual unemployment
A) people prefer to lend than to borrow B) the same amount of money buys lower quantity of goods C) there is a decrease in the demand for goods and services D) there are too many goods in circulation
A) purchase of new vehicles B) the cost of building a school C) paying salaries of workers D) electrification projects in rural areas
A) a decrease in revenue B) an increase in revenue C) a fall in demand D) a fall in quantity demanded
A) total active population who depend on government for survival B) the children and aged who rely on the active population for support C) people who are cared for by their extended families D) number of children who depend on their parents for survival
A) decrease B) remain constant C) increase D) turn negative
A) wholesalers B) retailers C) advertising agencies D) mass media
A) food supply increases much faster than population growth B) both population and food supply increase at the same rate C) the size of the population and available resources are equal D) population increases much faster than food supply
A) $500m B) $40m C) $60m D) $30m
A) the number of immigrants plus number of births B) the difference between birth rate and death rate C) birth rate less death rate plus net migration D) initial population plus number of births and net migration
A) local firms entering into partnerships with foreign firms B) granting old firms tax exemptions C) setting up industrial estates with modern amenities D) granting capital to firms at reasonable interest rates
A) abnormal profits are made B) wages in the sector is high C) they practice mechanized system of farming D) labour intensive method is mostly adopted
A) direct taxes B) corporate taxes C) indirect taxes D) poll taxes
A) bonds B) shares C) cash D) cheque
A) supply of kerosene will remain unchanged B) supply of kerosene will fall C) supply of kerosene will rise D) cost of crude oil production has increased
A) luxury goods B) inferior goods C) selected essential goods D) imported capital goods
A) 7.5 B) 8.5 C) 8 D) 7
A) monetary policies B) trade restriction policies C) foreign exchange policies D) fiscal policies
A) the population is decreasing B) the contribution of tertiary sector to national income is high C) there is low labour supply D) the income per head is low
A) Language barriers B) Inadequate supply of labour C) Poor transportation and communication D) Production of the same commodities
A) stability B) growth C) development D) efficiency |