Economics | Study Mode

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Question 1
A
resource 
B
wants 
C
choice 
D
output 
E
factors 
Explanation.
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Correct Option:
B
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Question 2
A
rate of which the population grows 
B
number of people that makes up the labour force 
C
efficiency of the working population 
D
industries which are becoming less important 
E
number of people that are bot employed 
Explanation.
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Correct Option:
B
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Question 5
A
what goods and services to produce 
B
for whom to produce goods or services 
C
what techniques of production to be adopted 
D
equal distribution of goods and services 
E
how to ensure that the economy grow over time 
Explanation.
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Correct Option:
D
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Question 6
A
Planned economy 
B
Mixed economy 
C
Traditional economy 
D
Free Market economy 
E
Socialist economy 
Explanation.
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Correct Option:
D
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Question 7
A
Political organization 
B
Trade organization 
C
Financial organization 
D
Social organization 
E
Commercial organization 
Explanation.
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Correct Option:
C
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Question 8
A
Is concave to the point of origin 
B
Is convex to the point of origin 
C
Is parallel to X axis 
D
Is parallel to Y axis 
E
Slopes upwards from left to right 
Explanation.
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Correct Option:
B
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Question 9
A
A table containing the price of goods 
B
A table showing the relationship between price and quantity demanded of a commodity 
C
A table showing the consumer demand on order of importance 
D
The quantity of goods the consumer is prepared to buy 
E
The market demand 
Explanation.
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Correct Option:
B
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Question 10
A
Control of inflation 
B
Distortion of price mechanism 
C
Prevention of exploitation 
D
Control of producers profit 
E
Helping low income earners 
Explanation.
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Correct Option:
B
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