A) optimum production levels B) attainable and efficient production levels C) attainable but inefficient production levels D) unattainable production levels
A) It is highly mobile B) It is an active factor C) Its efficiency depends on its size D) Its reward is wages or salaries
A) Statutory economic B) Capitalist economic C) Socialist economic D) Command economic
A) Private ownership of productive input 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) Price of the product B) Demand for the product C) Price of another product D) Income of the buyer
A) Greater then one B) Zero C) One D) Less then one
A) 66.7% B) 30.0% C) 33.3% D) 50.0%
A) Rare commodities B) Size of the production change C) Incomes of consumers increase D) Normal goods are involved
A) perfectly inelastic B) Perfectly elastic C) fairly elastic D) fairly inelastic
A) diminishing returns to scale B) consumer's choice C) diminishing marginal utility D) increasing returns to scale
A) foreign companies. B) Government C) Small scale producers D) Consumers
A) average cost to rise B) marginal revenue to fall C) marginal cost to fall D) firm to be de- stabilized
A) increasing the size of its machines B) increasing the quantity of raw materials C) changing its organizational structure D) purchasing more equipment
A) $10 B) $4 C) $8 D) $6
A) more firms can enter the industry due to attractive prof its B) profits are not enough to repay traders' loans C) marginal revenue is greater than marginal cost at all levels D) new firms can not enter the market due to copyright laws
A) indigenization B) commercialization C) nationalization D) liberalization
A) joint-stock company B) constimer co- operative society C) partnership D) sole proprietorship
A) Retailers B) Wholesalers C) Supermarket D) Department store
A) there are less monetary benefits B) welfare packages improve C) unemployment benefit rises D) holiday entitlement is cut
A) merchant banks B) Stock exchange C) central banks D) development banks
A) immigration rate. B) death rate C) net migration. D) fertility rate.
A) the presence of many extension workers B) the use of simple traditional implements C) the law of increasing returns to scale D) laziness on the part of farmers
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) musicians B) housekeepers C) laundry women D) subsistence farmers
A) store of value B) relative scarcity C) standard for deferred payment D) unit of account
A) amount of money spent on consumer goods B) money given out as loans to members of the public C) money in circulation plus bank deposits D) amount of currency printed annually by the government.
A) supply of and demand for short term loans only B) supply of and demand for long term loans for investment C) sales and purchases of capital equipment D) sales and purchases of treasury bills
A) both the buyers and the government B) both the sellers and the buyers C) the government alone D) the buyers alone
A) low per capita income B) low importation of consumer goods C) high rate of investment D) high rate of household savings
A) Cocoa B) Oil palm C) Coal D) Rubber
A) Complementary demand B) Competitive demand C) Derived demand D) Market demand
A) Become vertical B) Remain unchanged C) Shift to the right D) Shift to the left
A) Abnormal supply B) Composite C) Joint supply D) Complementary supply
A) Be about external economies of scale B) Encourage rural urban migration C) Be able to reap internal economies of scake D) Be able to even out development
A) make choice when resources are inadequate B) rank individuals' wants given the abundant resources C) satisfy every member of all societies D) produce all the goods needed by everyone
A) private company B) partnership C) cooperative society D) joint stock company
A) horizontal B) vertical C) upward sloping D) downward sloping
A) technological economies of scale B) financial economies of scale C) government protection and funding D) external economies of scale
A) frictional unemployment B) cyclical unemployment C) residual unemployment D) technological unemployment
A) there are too many goods in circulation B) there is a decrease in the demand for goods and services C) the same amount of money buys lower quantity of goods D) people prefer to lend than to borrow
A) electrification projects in rural areas B) paying salaries of workers C) purchase of new vehicles D) the cost of building a school
A) a fall in quantity demanded B) an increase in revenue C) a decrease in revenue D) a fall in demand
A) number of children who depend on their parents for survival B) total active population who depend on government for survival C) the children and aged who rely on the active population for support D) people who are cared for by their extended families
A) turn negative B) decrease C) remain constant D) increase
A) mass media B) wholesalers C) retailers D) advertising agencies
A) both population and food supply increase at the same rate B) the size of the population and available resources are equal C) population increases much faster than food supply D) food supply increases much faster than population growth
A) $500m B) $60m C) $30m D) $40m
A) initial population plus number of births and net migration B) birth rate less death rate plus net migration C) the number of immigrants plus number of births D) the difference between birth rate and death rate
A) granting capital to firms at reasonable interest rates B) granting old firms tax exemptions C) setting up industrial estates with modern amenities D) local firms entering into partnerships with foreign firms
A) they practice mechanized system of farming B) wages in the sector is high C) labour intensive method is mostly adopted D) abnormal profits are made
A) poll taxes B) direct taxes C) corporate taxes D) indirect taxes
A) shares B) cash C) cheque D) bonds
A) cost of crude oil production has increased B) supply of kerosene will fall C) supply of kerosene will remain unchanged D) supply of kerosene will rise
A) luxury goods B) inferior goods C) selected essential goods D) imported capital goods
A) 8 B) 8.5 C) 7.5 D) 7
A) trade restriction policies B) fiscal policies C) monetary policies D) foreign exchange policies
A) the population is decreasing B) the contribution of tertiary sector to national income is high C) the income per head is low D) there is low labour supply
A) Production of the same commodities B) Poor transportation and communication C) Inadequate supply of labour D) Language barriers
A) growth B) efficiency C) stability D) development |