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