Question 1 of 10 50 total questions
In long run, all factors inputs are
A variable
B diminishing
C constant
D fixed
The precautionary motive for holding money is to enable the holder to
A buy stocks when interest are high
B overcome unforseesn contigencies
C buy goods and services on daily basis
D buy fixed assets
In determining cost economics considers
A implicit cost only
B explicit cost only
C implicit and explicit costs
D explicit cost less implicit
Productivity , per worker, is best measured by
A total output less number of workers
B total output multiplied by number of workers
C number of workers less total output
D total output didvided by number of workers
The graph of the function X = a + bY is
A linear
B quadratic
C cubical
D exponential
The system whereby goods are exchanged for goods is known as
A stock exchange
B barter system
C banking
D co-operative system
which of the following best describes capital as a factor of production?
A a natural resources found everywhere
B a stock of physical assets used for production
C the organization of human and material resources for production
D resources used in training labour
every society strive to pursue all the following economic objectives except
A increase production
B price stability
C an inequitable distribution of income
D sustainable growth and income
The price elasticity of coefficient indicates
A how far business can reduce cost
B the degree of competition
C the extent to which curve shifts
D consumer responsiveness to price changes
E none of the above
The money payment made to owners of land and labour are
A rent and wages
B interst and profits
C wages and interest
D didvidends and salary
E tax
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