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