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 3
A
supplier
B
consumer
C
quantity of goods demanded
D
quantity of goods supplied
E
interaction of demand and supply
Explanation

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Correct option: E
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Question 4
A
when MC = AR
B
when MC = PC
C
when MC = MR
D
when AC = AR
E
when AR = MR
Explanation

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Correct option: C
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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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