Question 1 of 16 36 total questions
A stockholder partakes of the profit of a l8imited liability business by receiving
A shares
B profit
C wages and salaries
D dividends
E gifts
which of the following does not increase the population of country
A an increase in birth rate
B a decrease in death rate
C emigration
D immigration
E Early marriage
Money as a unit of account implies that it can be
A counted in units
B use to facilitate exchange
C used to measure the value of goods and services
D used to store goods and services
E used for future payment
if the price of margarine rises substantially, the equilibrium price and quantity of butter demand will
A decrease
B increase
C remain constant
D fluctuate
E be inelastic
The market price of a commodity is determine by the
A total number of people in the market
B total demand for the commodity
C quantity of the commodity supplied
D interaction of demand and supply
E law of demand
Economic growth is the
A rate of increase in a country's full employment and real output
B rate of increase in a nation's total population
C rate of increase in inflation
D rate of decrease inflation
E growth in birth rate
Money becomes a very poor store
A deflation
B stable prices
C recession
D inflation
E harvest
A society that is on its production possibility curve
A has attained full employment but not full production
B has attained full production but not full employment
C is using its resources inefficiently
D has attained both full employment and full production
E has a lower output level than it should have
which of the following defines Economics most comprehensively ?
A The study of buying and selling
B The organization of industries and markets
C The study of human behaviour in the allocation of scarce resources
D National development, planning and budgeting
E The study of market forces as they affected human behaviour
which of the following is not a characteristics of money?
A Scarcity
B Durability
C Divisibility
D Homogeneity
E Mobility
In Economics production is complete when
A goods are produced in the factories
B goods are sold to wholesalers
C prices are fixed for goods and services
D goods and services reach the consumer
E goods are sold to retailers
The equilibrium price of orange is 50k. If for some reason the price rises to 60k, there will be
A excess demand
B excess supply
C shortage in the market
D many buyers in the market
E no buyer in the market
the most basic concern of economists is to
A create human wants
B saisfy all human wants
C redistrubute income so that it is used correctly
D create perfect competition
E allocate scarce resources to satisfy human wants
Opportunity cost is define as the
A money cost
B cost of production
C real cost
D variable cost
E fixed cost
Scarcity in Economics generally refers to
A a period of production
B hoarding of goods
C monopolization of existing supply of resources
D period of famine
E resources being limited
Economics is a social science because it
A deals with an aspect of hman behaviour
B provides people with commodity they want
C deals with limited resources which have alternative uses
D deals with the production of goods for present and future consumption
E is related to how choice is made
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