The public sector of an economy includes
- A. cooperative societies
- B. nationalized industries
- C. joint stock companies
- D. pressure groups
All the following are source of finance to a joint stock company except
- A. debentures
- B. cooperative loans
- C. shares
- D. bank loans
A firm is said to be a public joint stock company when it
- A. is owned by the government
- B. sells its shares to members of the public
- C. operates as a government corporation
- D. is not legally recognized as a firm
The reward to land as a factor of production is
- A. profit
- B. rent
- C. interest
- D. wage
If TC, FC and VC represent total cost, fixed cost and variable cost respectively, which of the following is correct?
- A. TC = FC - VC
- B. FC = TC + VC
- C. TC > FC + VC
- D. TC = FC + VC
Greater inter-dependence among workers in production is associated with
- A. utility
- B. manufacturing
- C. division of labour
- D. factory workers
The law of diminishing marginal utility state that, the more a commodity is consumed the
- A. higher the satisfaction derived from an additional unit
- B. higher the price to be paid
- C. lower the quantity supplied
- D. lower the rate of increase in the total utility derived
At the highest level of total utility, marginal utility is
- A. negative
- B. positive and falling
- C. positive and rising
- D. zero
A decrease in supply with demand remaining unchanged will cause the equilibrium price for a good to
- A. be unchanged
- B. remain elastic
- C. remain inelastic
- D. rise
Equilibrium price is the price at which quantity
- A. demand greater than quantity supplied
- B. supplied is greater than quantity demanded
- C. demand is equal to quantity supplied
- D. supplied equals quantity produced
The slope of a supply curve is
- A. horizontal
- B. uniform
- C. positive
- D. vertical
Goods for which demands rises as income rises are
- A. complementary goods
- B. inferior goods
- C. normal goods
- D. substitutes
Which of the following causes the demand curve to shift to the right?
- A. a reduction in size of population
- B. an increase in the income of the buyer
- C. the availability of substitutes
- D. a decrease in price of goods
Find the median of the following set of scores 8,9,6,5,10
- A. 9
- B. 8
- C. 6
- D. 5
The sum of items divided by the number of items is the
- A. frequency
- B. mean
- C. median
- D. mode
In which of the following economic system do we have mostly private ownership of resources and individual decision making?
- A. Capitalist system
- B. Socialist system
- C. Mixed system
- D. Traditional system
A tent-making factory offers
- A. personal services
- B. indirect services
- C. social services
- D. reflex services
The following are examples of economic goods except
- A. bottled water
- B. air
- C. household utensils
- D. shelter