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