From the diagram below, moving from point A to B and from B to c is due to
- A. Economic depression
- B. Unemployment
- C. Economic growth
- D. Opportunity cost
The following are type of business organization EXCEPT
- A. co-operative society
- B. partnership
- C. Entrepreneurship
- D. public corporation
What is the median term in the distribution below; 14, 13 29,15,13,17,12.
- A. 14
- B. 13
- C. 15
- D. 12
A firm’s average cost decreases in the long-run because of
- A. increasing returns to scale
- B. diminishing average returns
- C. decreasing average fixed cost
- D. decreasing marginal returns
If government in a fiscal year has its revenue receipts less than the expenditure, such country is having
- A. deficit budget
- B. favorable budget
- C. balanced budget
- D. surplus budget
The main disadvantages of deflationary policies is
- A. full employment in the country
- B. increasing cost of living
- C. unemployment in the country
- D. improved standard of living
In the event of bankruptcy, owners of joint-stock companies lose
- A. both company and private assets
- B. only the capital invested
- C. only their dividends
- D. their private properties
The act of cultivating land and rearing of animal for man’s use is
- A. forestry
- B. agriculture
- C. mono culture
- D. horticulture
In the long-run, a firm must shut down if its average revenue is
- A. greater than average cost
- B. equal to the average cost
- C. equal to the minimum average revenue is
- D. less than average variable cost
Holding money to take care of contingencies is
- A. a precautionary motive
- B. a transactions motive
- C. an expansionary motive
- D. a speculative motive
The largest component of national income in developing countries consist of
- A. wages and salaries
- B. rent
- C. profit
- D. profit and rent
In income determination theory, acceleration principles shows that
- A. investment is the causes, while income is the effects
- B. income and investment are both effects
- C. incomes is of on effect on investment
- D. income and investment are both causes
Producers operating in a free market economy are more efficient as a result of
- A. the existence of competition
- B. government regulation of their activities
- C. the very few number of participants
- D. the commitment of the shareholders
A market situation with few sellers and many buyers is called
- A. duopoly
- B. Omonopoly
- C. perfect competition
- D. oligopoly
Which of the following NOT among the objectives of OPEC?
- A. to stabilize the price of oil in the world market
- B. to established petroleum refineries in all member state
- C. to stabilize the revenue from oil to producing countries
- D. to make sure that oil flows to all the consuming countries
Which of the following is not emphasized in a product possibility curve?
- A. Scarcity of resources
- B. Unemployment of labour
- C. Inefficiency in the use of resources
- D. Economic development