A) choice B) wants C) resource D) output
A) The allocation of resources among competing wants because there are unlimited wants limited resources B) None C) How to ensure continuous economic growth in the face of uncertainty D) How to balance the needs of the economy with society and the environment
A) Cost related to an optimum level of production B) Alternate forgone C) Implicit cost D) The monetary equivalent of the utility of commodity
A) list of goods and services in order of priority B) budget perparation without paying due regard to priority C) the household monthly income D) consumers preference for luxury goods
A) separating defective commodities from non-defective ones B) selection of most pressing wants out of a range of alternatives C) ranking of wants in an ascending order D) None of the above
A) Which goods and services to be produced B) The combination of resources to be used C) How much goods are to be produced D) How many wants are to be satisfied
A) efficiency of resource use B) for whom to produce C) scale of production D) how to produce
A) where to produce B) how to produce C) none D) efficient use if resources
A) none of the above B) scarcity C) choice D) wants
A) making optimum allocation of resources B) making rational C) using scarce resources efficiently D) satisfying wants
A) The market B) Government policies C) Capital D) Illiteracy
A) A.C Pigou B) Alfred Marshal C) Adam Smith D) Bill Gates
A) Physical sciences B) Social sciences C) None of the above D) National sciences
A) Formulation of hypothesis B) Wants C) Collection of data D) Observation
A) Financial prudence B) An insatiable desire of need by human being C) Expression of cost D) Limited supply of resources
A) Mr Bean B) A.C Pigou C) John Stuart Mill D) Lionel C Robbins
A) Wealth B) Mankind C) None D) Production and distribution
A) Production function B) Technique of production C) Factors of production D) Technological advancement
A) Wants and needs B) Choice and scarcity C) Labour and capital intensive D) Demand and supply
A) capital B) land C) machine D) labour
A) Scarcity B) Wants C) Needs D) Choice
A) Wants B) Opportunity cost C) Resources D) Choice
A) Formulating laws B) Collecting of data C) Observation D) Evaluation
A) Adam Smith B) None of the above C) A.C pigou D) H.J davenport
A) John Stuart Mill B) Lauren johnson C) Lionel Robbins D) Alfred Marshal
A) Capital intensive B) Labour intensive C) None D) Labour and capital intensive
A) Pie chart B) Pictogram C) Bars Charts D) Histogram
A) Multiple bar chart B) Simple bar chart C) Component bar chart D) All of the above
A) Simple bar chart B) None C) Multiple bar chart D) Component bar chart
A) Single bar chart B) Bar chart C) Multiple bar chart D) Pie charts
A) Table B) Line graph C) All of the above D) Charts
A) They must be labeled properly for better understanding B) Graph must possess appropriate scales C) The must be numbered D) They must have a title
A) Table B) Graph C) None D) Charts
A) Variable B) Graph C) Table D) Pictogram
A) 90 degree B) 108 degree C) 100 degree D) 105 degree
A) 75 degree B) 85 degree C) 72 degree D) 80 degree
A) Compass B) Protractor C) None D) Both
A) The return on investment B) Availability of capital C) Problem of market limitation D) The payback period
A) Entrepreneur ability B) Stages of development C) Capital D) Government policies
A) Private enterprises B) None of the above C) Public enterprises D) Joint ventureship |