Question 1 of 7 47 total questions
One of the advantages of large scale production is that
A there is a rise in the cost of administration
B consumers sacrtifice their indidvidual tatstes
C the firm can use labour-saving machinery
D the demand for a firm's product becomes localized
Land is a factor of production because it
A is a free gift of nature
B contains valuable mineral resources
C assits in the creation of utility
D is owned by individuals and governments
Which of the following is a reward to a factor of production?
A interest
B donation
C gifts
D subsidy
Warehouse facilities in the distribution and marketing of products are provided by
A manufacturer
B wholesaler
C retailer
D advertisers
Subsistence production means that goods and services are
A produced for consumption only
B sold to others
C sold in the country
D produced for the market
The most frequent occurring value in a given data is the
A mode
B median
C mean
D range
Economics is best described as the study of
A the wealth of nations
B how man consume his products
C how man provides for his everyday needs
D the distribution of wealth
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