A) sociology B) geography C) economics D) political science
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) utility B) scarcity C) demand D) money
A) micro-economics B) business economics C) political economics D) macro-economics
A) wants are limited B) people are greedy C) resources are scarce D) goods are abundant
A) The total benefit gained B) The amount of money spent C) cost of production D) The next best alternative forgone
A) man's resources are few B) money is scarce C) new wants keep arising D) governments are corrupt
A) there too many goods B) consumers are rich C) prices are always high D) there are not enough resources to satisfy wants
A) ignore opportunity costs B) make rational decisions C) waste resources D) spend carelessly
A) formulate good policies B) exploit the poor C) raise salaries D) increase corruption
A) increasing inequality B) Helping efficient resource use C) discouraging production D) encouraging waste
A) buy more than needed B) make wise spending decisions C) avoid saving D) waste resources
A) producing advertisments B) printing money C) determining market trends D) increasing wages automatically
A) prices are low B) governments are weak C) population is high D) wants are unlimited and resources are limited
A) location of production B) cost of production C) type of goods to produce D) choice of techniques
A) the total output B) the method or technique of production C) who will consume the goods D) the time of production
A) deciding what to export B) choosing who gets the goods and services C) determining the cost D) hiring workers
A) Trade unions B) Inflation C) Scarcity D) Choice
A) buying and storing B) selling goods at a market C) creating goods and services to satisfy human wants D) manufacturing only
A) satisfy human wants B) create employment C) increase population D) reduce exports
A) exchange B) distribution C) manufacturing D) consumption
A) advertising B) mining, farming and fishing C) transport and trade D) banking and insurance
A) teaching B) banking C) farming D) manufacturing
A) manufacturing B) service industries C) mining D) construction
A) distribution B) consumption C) production D) exchange
A) Tailor sewing for pay B) Building your own house C) self-cooking D) Washing your own clothes
A) interest B) profit C) rent D) wage
A) Three B) Two C) Four D) Five
A) interest B) profit C) wage D) Rent
A) soil only B) buildings and machines C) capital D) all natural resources used in production
A) buildings B) all human efforts used in production C) machines D) land
A) profit B) rent C) interest D) wage
A) decreases output B) causes scarcity C) reduces unemployment D) increases efficiency
A) earning rent B) providing only labour C) organizing and managing the factors of production D) making government policies
A) rent B) profit C) interest D) wage
A) Profit B) Rent C) Interest D) Subsidy
A) brought into the factory B) profitable to the production process C) purchased for the purpose of production D) combined in the production process
A) labour and material resources B) primary productive C) factors of production D) items of production
A) human wants are limitless while the means to satisfy them are limited B) material things are more than human wants C) human needs are easy to define D) human wants are more than human wants
A) raw materials B) electric power C) factory building D) pipe-borne water
A) vegetation and it's products B) fishes in water bodies C) land as the earth surface D) all natural resources
A) Entrepreneur B) Capital C) Labour D) Land
A) factor procurement B) production C) manufacturing D) industrialization
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) labour B) Capital C) Land D) Entrepreneur
A) Mental effort B) Skillful effort C) Immobility of labour D) Physical effort
A) are scarce B) are available C) are available D) are limited
A) the absence of skilled labour B) the creation of artificial scarcity C) corruption in high places D) inadequate resources
A) Price of commodity B) What to produce C) Scarcity D) level of inflation |