A) political science B) sociology C) geography D) economics
A) human behaviour as a relationship between ends and scarce means B) how to make profit C) the production of goods only D) money and banking
A) Adam Smith B) Karl Marx C) John Keynes D) David Ricardo
A) scarcity B) utility C) demand D) money
A) micro-economics B) political economics C) macro-economics D) business economics
A) people are greedy B) goods are abundant C) resources are scarce D) wants are limited
A) The total benefit gained B) The amount of money spent C) The next best alternative forgone D) cost of production
A) money is scarce B) governments are corrupt C) man's resources are few D) new wants keep arising
A) there too many goods B) there are not enough resources to satisfy wants C) consumers are rich D) prices are always high
A) waste resources B) ignore opportunity costs C) make rational decisions D) spend carelessly
A) formulate good policies B) exploit the poor C) raise salaries D) increase corruption
A) discouraging production B) increasing inequality C) encouraging waste D) Helping efficient resource use
A) make wise spending decisions B) buy more than needed C) waste resources D) avoid saving
A) producing advertisments B) increasing wages automatically C) determining market trends D) printing money
A) prices are low B) wants are unlimited and resources are limited C) population is high D) governments are weak
A) type of goods to produce B) cost of production C) location of production D) choice of techniques
A) the time of production B) the method or technique of production C) who will consume the goods D) the total output
A) hiring workers B) determining the cost C) choosing who gets the goods and services D) deciding what to export
A) Choice B) Scarcity C) Inflation D) Trade unions
A) creating goods and services to satisfy human wants B) buying and storing C) selling goods at a market D) manufacturing only
A) increase population B) satisfy human wants C) create employment D) reduce exports
A) manufacturing B) distribution C) exchange D) consumption
A) transport and trade B) advertising C) mining, farming and fishing D) banking and insurance
A) banking B) teaching C) manufacturing D) farming
A) service industries B) construction C) mining D) manufacturing
A) consumption B) production C) distribution D) exchange
A) Tailor sewing for pay B) self-cooking C) Washing your own clothes D) Building your own house
A) interest B) profit C) wage D) rent
A) Three B) Five C) Two D) Four
A) interest B) wage C) profit D) Rent
A) capital B) soil only C) all natural resources used in production D) buildings and machines
A) land B) machines C) buildings D) all human efforts used in production
A) wage B) interest C) profit D) rent
A) increases efficiency B) decreases output C) causes scarcity D) reduces unemployment
A) providing only labour B) earning rent C) making government policies D) organizing and managing the factors of production
A) interest B) wage C) rent D) profit
A) Profit B) Interest C) Subsidy D) Rent
A) purchased for the purpose of production B) profitable to the production process C) combined in the production process D) brought into the factory
A) labour and material resources B) items of production C) factors of production D) primary productive
A) human wants are limitless while the means to satisfy them are limited B) material things are more than human wants C) human wants are more than human wants D) human needs are easy to define
A) pipe-borne water B) electric power C) factory building D) raw materials
A) fishes in water bodies B) all natural resources C) land as the earth surface D) vegetation and it's products
A) Entrepreneur B) Labour C) Capital D) Land
A) industrialization B) manufacturing C) factor procurement D) production
A) most tasks can be done with bare hands B) it provides money which is essential for the growth of business C) people can work without capital D) it enables us to carry out tasks which cannot be done by human effort only
A) Entrepreneur B) Land C) Capital D) labour
A) Physical effort B) Mental effort C) Immobility of labour D) Skillful effort
A) are available B) are limited C) are available D) are scarce
A) corruption in high places B) the absence of skilled labour C) inadequate resources D) the creation of artificial scarcity
A) Price of commodity B) Scarcity C) What to produce D) level of inflation |