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