A) its subject matter studies human behaviour B) It adopts scientific method in making its analysis C) its issues are relevant for national development
A) tuition fee and books B) the wages given up to attend the university C) transportation and entertainment
A) raw material B) fuel C) machinery
A) producers of consumer goods B) directives of the government C) the pattern of consumers spending
A) ability to pay for the commodity B) ability to pay for the commodity C) desire for the commodity
A) mobile phone B) labour C) textbook
A) cost of production B) taxation C) the level of technology
A) offered for sale at a market price B) from a single producer C) produced for the market
A) nature of the product B) time period C) cost of production
A) increase in the price of a product B) a fall in the cost of production C) increase in the income of consumers
A) equal to his total utility B) less than his total utility C) equal to his marginal utility
A) excess supply B) price legislation C) inadequate information
A) price fall B) market clearing price C) demand price
A) average revenue and marginal revenue decreases B) total cost of production is increasing C) average cost of production decreases as output increases
A) can save time and produce more B) can concentrate on all goods C) become experts in all areas of production
A) total fixed cost B) total revenue C) marginal cost
A) total profit B) total revenue C) total cost
A) he determines both price and output B) he determines either price or output C) his average revenue cost is horizontal
A) public company B) statutory company C) private firm
A) partnership B) public limited company C) public corporation
A) demand of labour B) labour force C) supply of labour
A) increase in food supply B) decrease in cost of living C) decrease in standard of living
A) extent of the division of labour B) internal economies C) external economies
A) consumers cooperative society B) producers cooperative society C) sales agents
A) rent B) pensions C) interest
A) avoid multiple counting of output B) add net factor income from abroad C) measure output as a factor cost
A) inflation B) devaluation C) deflation
A) total level of savings B) size of workers C) general price
A) stable in value B) store of value C) medium of exchange
A) lender of last resort B) accepts deposit from the public C) services the public debts
A) specific tax B) capital gain tax C) excise duty
A) high productivity B) income inequality C) low life expectancy
A) savings and investment B) importation of more consumers goods C) early marriage
A) newly established industries B) industries enjoying tax holidays C) industries producing baby products
A) absolute cost advantage B) comparative advantage C) terms of trade
A) coal B) rice C) iron ore
A) land degradation B) pollution of water bodies C) re afforestation in rural communities
A) resources are mismanaged by leaders B) there is no proper planning C) resources are not in adequate supply
A) scarcity of resources B) unemployment of labour C) economic development
A) management B) entrepreneur C) labour union
A) demand falls as output falls B) demand falls as output rises C) prices must be lowered to sell more
A) normal goods B) inferior goods C) complementary goods
A) increases in price of the consumer B) expectation of future price increase C) change in taste of the consumer
A) competitive demand B) joint supply C) complementary demand
A) It varies with time B) It rises with demand C) It is fixed
A) fairly elastic supply B) perfectly inelastic C) infinitely elastic supply
A) there is no free entry and exit B) there is no government intervention C) the demand is the same as the supply
A) less than average variable cost B) greater than average variable cost C) equal to the average cost
A) seasonal unemployment B) structural unemployment C) residual unemployment
A) wages and salaries B) rent C) profits
A) a transaction motive B) a precautionary motive C) a speculative motive
A) money market B) commodity market C) capital market
A) the large number of the unemployed B) corruption and mismanagement C) inadequate supply of money
A) agriculture B) mining C) trading
A) reducing tarrifs B) adding to export group C) increasing local production
A) labour market B) money market C) capital market
A) variable cost B) comparative cost C) fixed cost
A) money supply increases B) customers increase their borrowing C) borrowing is discouraged
A) secondary sector B) tertiary sector C) primary sector
A) subsidy is provided on petroleum products B) more private schools are established C) more public goods are provided |