A) Inflation B) Unemployment C) Poverty D) Scarcity
A) Socialist B) Command C) Mixed D) Capitalist
A) Oligopoly B) Monopoly C) Perfect Competition D) Monopsony
A) To control inflation B) To promote economic growth C) To reduce unemployment D) All of the above
A) Price control B) Price mechanism C) Price floor D) Price Ceiling
A) the size of the population B) income distribution C) taste and fashion D) price of the commodity
A) 2.50 B) 0.50 C) 0.65 D) 2.00
A) fiscal policy B) import policy C) export policy D) monetary policy
A) utilities enjoyed by consumers B) Incomes of consumer in order of size C) consumer’s wants in order of priority D) opportunity cost of goods consumed
A) net national product B) net indirect taxes C) net present value D) net factor income
A) Slopes upward B) Is Vertical C) Slopes downward D) Is Horizontal
A) the amount paid to a worker on transfer B) money transferred to another country C) transfer of funds from one bank to another D) unemployment allowance paid to the citizens
A) Construction industry B) Mining industry C) Service industry D) Processing industry
A) his marginal utility is equal to zero B) he can equate his demand with price C) he equates marginal utility and price D) he can equate his marginal and total utilities
A) invisible balance account transaction B) capital account transaction C) balance of trade account transaction D) current account transaction
A) common currency is in use B) factors of production are free to move and be moved C) the size of the market is widened D) common agricultural policy is in place
A) attainable and efficient production levels. B) optimum production levels. C) unattainable production levels. D) attainable but inefficient production levels.
A) it’s reward is wages and salaries B) it is highly mobile C) it’s efficiency depends on its size D) it is an active factor
A) capitalist economies B) statutory corporations C) command economies D) socialist economies
A) private ownership of productive inputs. B) freedom of choice for consumers. C) determination of price by market forces. D) setting of production targets by public authorities.
A) 150° B) 300° C) 60° D) 16.6°
A) price of another product B) income of the buyer C) price of the product D) demand for the product
A) less than one B) one C) greater than one D) zero
A) 33.3% B) 80% C) 65% D) 30%
A) normal goods are involved B) income and consumers increase C) rare commodities are involved D) size of the population changes
A) a favorable weather condition B) a change in taste in favour of milk C) a decrease in the price of milk D) an increase in income of consumers
A) composite demand B) complementary demand C) competitive demand D) derived demand
A) price only B) supply only C) quantity supplied only D) price and supply
A) perfectly inelastic B) fairly inelastic C) perfectly elastic D) fairly elastic
A) increasing return to scale B) consumer’s choice C) diminishing returns to scale D) diminishing marginal utility
A) government B) foreign companies C) consumers D) small scale producers
A) firm to be de-stabilized B) average cost to rise C) marginal cost to fall D) marginal revenue to fall
A) increasing the size of its machines B) changing its organizational structure C) purchasing more equipments D) increasing the quantity of raw materials
A) $10 B) $8 C) $4 D) $15
A) new firms can not enter the market due to copyright laws. B) marginal revenue is greater than marginal cost at all levels. C) profits are not enough to repay traders' loans. D) more firms can enter the industry due to attractive prof its.
A) indigenization B) liberalization C) nationalization D) commercialization
A) departmental stores B) retailers C) wholesalers D) supermarkets
A) there are less monetary benefits B) welfare packages improve C) holiday entitlement is cut D) unemployment benefit rises
A) death rate B) fertility rate C) immigration rate D) net migration
A) the law of increasing returns to scale B) the use of simple traditional implements C) laziness on the part of farmers D) the presence of many extension workers |