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