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