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