A) its subject matter studies human behaviour B) its issues are relevant for national development C) It adopts scientific method in making its analysis
A) the wages given up to attend the university B) tuition fee and books C) transportation and entertainment
A) raw material B) machinery C) fuel
A) the pattern of consumers spending B) producers of consumer goods C) directives of the government
A) ability to pay for the commodity B) desire for the commodity C) ability to pay for the commodity
A) labour B) mobile phone C) textbook
A) cost of production B) taxation C) the level of technology
A) produced for the market B) offered for sale at a market price C) from a single producer
A) cost of production B) time period C) nature of the product
A) increase in the price of a product B) a fall in the cost of production C) increase in the income of consumers
A) less than his total utility B) equal to his total utility C) equal to his marginal utility
A) price legislation B) excess supply C) inadequate information
A) demand price B) price fall C) market clearing price
A) total cost of production is increasing B) average cost of production decreases as output increases C) average revenue and marginal revenue decreases
A) can concentrate on all goods B) become experts in all areas of production C) can save time and produce more
A) total fixed cost B) marginal cost C) total revenue
A) total revenue B) total profit C) total cost
A) his average revenue cost is horizontal B) he determines both price and output C) he determines either price or output
A) private firm B) public company C) statutory company
A) partnership B) public limited company C) public corporation
A) labour force B) supply of labour C) demand of labour
A) decrease in cost of living B) decrease in standard of living C) increase in food supply
A) extent of the division of labour B) internal economies C) external economies
A) consumers cooperative society B) producers cooperative society C) sales agents
A) rent B) interest C) pensions
A) measure output as a factor cost B) add net factor income from abroad C) avoid multiple counting of output
A) devaluation B) inflation C) deflation
A) size of workers B) total level of savings C) general price
A) medium of exchange B) stable in value C) store of value
A) services the public debts B) lender of last resort C) accepts deposit from the public
A) excise duty B) capital gain tax C) specific tax
A) high productivity B) income inequality C) low life expectancy
A) importation of more consumers goods B) early marriage C) savings and investment
A) industries enjoying tax holidays B) industries producing baby products C) newly established industries
A) absolute cost advantage B) comparative advantage C) terms of trade
A) iron ore B) rice C) coal
A) pollution of water bodies B) re afforestation in rural communities C) land degradation
A) resources are mismanaged by leaders B) there is no proper planning C) resources are not in adequate supply
A) scarcity of resources B) unemployment of labour C) economic development
A) entrepreneur B) labour union C) management
A) prices must be lowered to sell more B) demand falls as output falls C) demand falls as output rises
A) inferior goods B) complementary goods C) normal goods
A) expectation of future price increase B) change in taste of the consumer C) increases in price of the consumer
A) competitive demand B) joint supply C) complementary demand
A) It varies with time B) It rises with demand C) It is fixed
A) infinitely elastic supply B) perfectly inelastic C) fairly elastic supply
A) there is no government intervention B) the demand is the same as the supply C) there is no free entry and exit
A) greater than average variable cost B) equal to the average cost C) less than average variable cost
A) residual unemployment B) structural unemployment C) seasonal unemployment
A) rent B) wages and salaries C) profits
A) a precautionary motive B) a speculative motive C) a transaction motive
A) commodity market B) money market C) capital market
A) the large number of the unemployed B) corruption and mismanagement C) inadequate supply of money
A) trading B) mining C) agriculture
A) adding to export group B) reducing tarrifs C) increasing local production
A) capital market B) money market C) labour market
A) variable cost B) fixed cost C) comparative cost
A) borrowing is discouraged B) money supply increases C) customers increase their borrowing
A) primary sector B) tertiary sector C) secondary sector
A) more private schools are established B) more public goods are provided C) subsidy is provided on petroleum products |