Question 1 of 20 4,545 total questions
A continuous increase in national income accompanied by the structural transformation of all indices is called
A economic planning
B economic growth
C economic reforms
D economic development
The monetization policy is an offshoot of
A persistent rise in the prices of inputs will lead to
A hyperinflation
B stagflation
C cost-push inflation
D demand-pull inflation
If the total fixed cost is the same regardless of output, the average fixed cost will be
A increasing
B maximum
C minimum
D decreasing
A characteristic of the linear production function is that
A the percentage change in inputs change exceeds output
B output and all inputs change by the same percentage
C the percentage change in output is greater than one
D the percentage change in output is less than one
The division of labour requires that the task to be performed
A must be done in stages
B requires no special knowledge
C is simple but strenuous
D must be undertaken by experts
The world market for crude oil refers to the
A total supply by OPEC members
B total demand for and supply of crude oil
C excess crude oil produced in the world
D difference between the supply of and demand for oil
The coefficient of the price elasticity of supply is always
A positive
B negative
C constant
D zero
A commodity is described as inferior when the
A income effect is negative
B income effect is positive
C substitution effect is negative
D substitution effect is positive
The major determinant of cross elasticity of demand is the
A price of the good
B degree of necessity of the good
C level of income of consumers
D closeness of the substitutes
A firm operating at full capacity will have a
A perfectly inelastic supply curve
B perfectly elastic supply curve
C fairly elastic supply curve
D fairly inelastic supply curve
When the demand for a good increases owing to an increase in income, it means that
A there is an increase in quantity demanded
B inflation has taken place
C demand has exceeded supply
D there is an increase in demand
The range is used to
A estimate the mean from grouped data
B calculate the standard deviation
C determine the spread of a set of data
D measure the difference between the mean and the mode
The choice of what to produce in a command economy is determined by
A industrial establishments
B labour unions
C the government and labour unions
D the central government
An economic system in which the producer and the consumer are the same is referred to as a
A mixed economy
B subsistence economy
C capitalist economy
D socialist economy
The full meaning of OPEC is
A Oil ans Petroleum Exporting Countries
B Original Petroleum Exporting Companies
C Organization of Petrol Exporting Countries
D Organization of Petroleum Exporting Countries
one of the functions of of the international Monetary Fund (IMF) is to
A devalue the currency of member state
B reduce drastically the size of deficit financing of member states
C giving financial assistance to member states that have temporary balance of payment difficulties
D discourage the rapid industrialization process in the less developed nation of the world
which of the following is an objective of economic integration?
A harmonization of cultural practises
B free movement of persons, goods and services
C payment of high tarrifs
D dumpoing of goods in less developed countries
In an attempt to correct a deficit balance of payment, a country may decide to increase
A domestic production
B imports
C domestic expenditure
D tax on infant industry
which of the following is an invisible term?
A Banking services
B Petroleum products
C Processed rice
D processed milk
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