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