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.
-
Question 261:
The factor of production that has the highest degree of mobility is__________?
Options:
A) entrepreneurship
B) land
C) labour
D) capital
Show Answer
The correct answer is C .
-
Question 262: An imperfect market exist where?
Options:
A) the product is homogenous
B) there is perfect information among sellers
C) both buyers and sellers have free entry into and free exits from the market
D) the location of some sellers gives them an advantage over others
Show Answer
The correct answer is D .
-
Question 263: The price elasticity of supply of perishable goods is_________?
Options:
A) Elastic
B) Unitary
C) Inelastic
D) Zero
Show Answer
The correct answer is D .
-
Question 264: An important function of the retailer is to?
Options:
A) grant credit to the wholesaler
B) break bulk and sell products in small units
C) reduce cost of distribution
D) generate demand for products through advertisement
Show Answer
The correct answer is B .
-
Question 265: Which of the following is NOT a determinant of changes in supply?
Options:
A) Changes in the cost of production
B) Technical progress
C) Weather
D) Changes in the number of producers
E) Changes in the number buyers
Show Answer
The correct answer is E .
-
Question 266:
One of the advantages of large - scale production is that
Options:
A) There is a rise in the cost of administration
B) Consumers sacrifice their individual tastes
C) The firm can use labour - saving machinery
D) The demand for a firm's products become localized
E) Decision making takes a long time because different levels of management are involved
Show Answer
The correct answer is C .
-
Question 267:
The relationship between tax rate and income which is relevant to a proportional tax is depicted by?
Options:
A) curve Z and Y
B) curve X
C) curve Z
D) curve Y
Show Answer
The correct answer is C .
-
Question 268:
Which of the following are direct taxes?
Options:
A) Sales taxes
B) Excise taxes
C) Income and company taxes
D) Tarrif duties
E) Commodity taxes
Show Answer
The correct answer is C .
-
Question 269: Creeping inflation implies that there is a?
Options:
A) gentle and persistent increase in the general price level
B) rapid and persistent increase in the general price level
C) gentle but not permanent increase in the general price level
D) rapid but not permanent increase in the general price level
Show Answer
The correct answer is A .
-
Question 270: What to produce in any society is determined by the?
Options:
A) expenditure of the people on different commodities
B) competition among the different producers
C) competition among the different consumers
D) supply and demand in the factor markets
Show Answer
The correct answer is D .