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