43
All the under listed factors directly affects the supply of a commodity except
- A. price
- B. improved production method
- C. access to capital
- D. demand for the commodity
- E. level of income
44
Which of the following does not encourage the location of industries?
- A. Nearness to the market
- B. Availability of infrastructural facilities
- C. Government influence in sitting industries
- D. political instability
- E. Abundance of cheap labour
45
which of the following is an important limiting factor in the application of division of labour?
- A. market size
- B. availability of an infrastructure
- C. wage rate
- D. Raw materials
- E. Availabily of land
46
The law of demand states that
- A. as price increases, quantity demanded remains constant
- B. demand increases as price increases
- C. as price falls, quantity demanded also falls
- D. as price falls, quantity demanded increases
- E. demand and supply remains constant whether price fall or increase
47
The decision on what to produce is a problem in
- A. all economics system
- B. a mixed economic system only
- C. a democratic socialist economy only
- D. a free enterprise system only
- E. a planned eceonomic system only
48
Scarcity in economics means
- A. shortage of commodity
- B. unlimited demands for consumer goods
- C. limited supply of goods and services
- D. total absence of a commodity in the market
- E. high cost of a commodity
49
Economics is a social science which studies how
- A. to redistrubute income
- B. human beings behave
- C. the market price is fixed
- D. scarce resources are allocated to satisfy human wants
- E. high cost of a commodity