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