Economics is the study of how societies allocate limited resources to meet the unlimited needs and wants of individuals. It focuses on the production of goods and services, economic growth, and various complex issues that are important to society.
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Question 171: A form of business organization which is characterized by limited authority and liability of individual owners is the?
Options:
A) sole proprietorship
B) partnership
C) joint stock company
D) co-operative society
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The correct answer is C .
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Question 172: Find the range in the following data 9, 15, 6, 20, 24, 18, 12, 8, 20, 10, 5.
Options:
A) 24
B) 5
C) 19
D) 12
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The correct answer is C .
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Question 173: The best channel of distribution of baked bread is through?
Options:
A) wholesalers to retailers then to consumers
B) direct sales to consumers
C) wholesalers to consumers
D) retailers to consumers
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The correct answer is B .
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Question 174: The most important attribute of money is?
Options:
A) homogeneity
B) relative scarcity
C) divisibility
D) general acceptability
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The correct answer is D .
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Question 175: An imperfect market in which there is only one buyer of a commodity is?
Options:
A) monopsony
B) oligopoly
C) monoploy
D) duopoly
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The correct answer is A .
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Question 176: A measure of national income used as comparison of standard of living among nations is
Options:
A) net national product
B) gross domestic product
C) gross national product
D) per capita income
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The correct answer is D .
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Question 177: Utility is the satisfaction derived from the
Options:
A) distribution of goods and services
B) use of goods and services
C) demand of goods and services
D) production of goods and services
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The correct answer is B .
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Question 178:
The supply curve of a locally-produced good may shift to the right if
Options:
A) there is an increase in taxes on inputs
B) government increases subsidies
C) rural-urban migration is encouraged
D) the price of the commodity increases
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The correct answer is D .
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Question 179: If the standard deviation of a given data is 53, what is the variance?
Options:
A) 2082
B) 2809
C) 2808
D) 2209
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The correct answer is B .
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Question 180: One of the important features of perfect competition is_____?
Options:
A) Adequate knowledge of existing prices
B) The influence on prices by individual economic units
C) The restriction in terms of movement of goods and services
D) The administration of a centralized price system
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The correct answer is A .