positive checks as envisaged by Thamos Malthus can be prevented if
- A. date rate is reduced
- B. marriage is abolished
- C. more hospitals are built
- D. more restraint is adopted
if workers at the school canteen sell during the holidays, this is an example of?
- A. structural unemployment
- B. frictional unemployment
- C. seasonal unemployment
- D. residual unemployment
wholesalers play an important role in the distribution of goods and services because they?
- A. are located very close to consumers
- B. finance both producers and retailers
- C. pass information on from retailers to consumers
- D. sell in small units to consumers
in the event of bankruptcy owners of joint-stock companies lose?
- A. their private properties
- B. both company and private properties
- C. only the capital invested
- D. only their dividends
public limited liability companies are democratic in nature because?
- A. government appointees are members of the board
- B. they are run by elected public officers
- C. electoral principles are adopted in the day-to-day management
- D. shareholders elect the board of directors
in the the longrun, a firm must shut down if its average revenue is?
- A. greater than average cost
- B. less than average variable cost
- C. equal to the minimum average cost
- D. equal to the average cost
The larger a firm, the lower its cost of production
This statement explains the?
- A. law of diminishing marginal returns
- B. concept of economies of scale
- C. law of comparative cost advantage
- D. theory of division of labour
A firm average cost decreases in the longrun because?
- A. increasing returns to scale
- B. diminishing average returns
- C. decreasing marginal returns
- D. decreasing average fixed cost
A market is in equilibrium when?
- A. there is no government intervention
- B. the demand is the same as the supply
- C. buyers and sellers are free to sell more goods
- D. there is no free entry and exit
A price floor is usually fixed
- A. at the equilibrium and causes shortage
- B. above the equilibrium and causes shortage
- C. below the equilibrium and causes shortage
- D. above the equilibrium and causes surplus
if the marginal utility of a commodity is equal to its price then
- A. the consumer is in equilibrium
- B. more of the commodity can be consumed
- C. total utility is also equal to its price
- D. the market is not in equilibrium
A supply curve parallel to the X- axis indicates?
- A. fairly elastic supply
- B. infinitely elastic supply
- C. fairly inelastic supply
- D. perfectly inelastic
the backward bending supply curve of labour indicates?
- A. an abnormal supply situation
- B. the law of supply
- C. that labour supply and wage are directly related
- D. that the elasticity of supply is uniform
which of the following is true about supply of land?
- A. its higher in the urban than rural areas
- B. varies with time
- C. rises with demand
- D. is fixed
palm oil and palm kernel are in?
- A. joint supply
- B. competitive demand
- C. competitive supply
- D. complementary demand
an exceptional demand curve can result from?
- A. increase in prices of raw materials
- B. increase in the size of the population
- C. expectation of future price increase
- D. change in taste of the consumer
goods whose demand vary directly with money income are called?
- A. inferior goods
- B. complementary goods
- C. substitutes
- D. normal goods
if the price of commodity X rises and consumers shift to commodity Y, then commodity X and Y are?
- A. substitutes
- B. complements
- C. inferior goods
- D. bought goods
a downward sloping demand curve means that?
- A. total revenue declines as price is lowered
- B. demand falls as output rises
- C. demand falls as output falls
- D. price must be lowered to sell more
producers operating in a free market economy are more efficient as a resulf of?
- A. the existence of competition
- B. the very few number of participants
- C. the commitment of the shareholders
- D. government regulation of their activities
the organisation of productive factors is the reponsibility of the?
- A. management
- B. entrepreneur
- C. production manager
- D. labour union