In Economics, it is necessary that choice be made mainly because

If the production of 5 bags of rice is given up by a farmer in order to produce 1 bag of maize, this implies that, to the farmer

One of the distinguishing features of land is that it is fixed in supply. This means that

One advantage of a free market economy is that it

In a command economy, wages are determined by

A rational consumer of a normal good, ceteris paribus, will do the following except

Commodities with negative income elasticities of demand are categorized as

The demand for a box of matches by a rich consumer is most likely to be

Good X has a price elasticity of demand of 0.25. This means it

The demand curve for a necessary good without any substitute is usually

A rightward shift of the supply curve of cocoa implies that

Which of the following factors is not a determinant of price elasticity of supply?

An increase in the price of a factor of production in an industry may cause

At a point where marginal utility is negative, total utility

If the price of a commodity is higher than its marginal utility, the consumer will

If the price of cassava is fixed above the equilibrium, this policy is meant to

If the supply of a product with a perfectly elastic demand increases, there will be

A firm can increase production in the short-run by

By installing a larger and more efficient production plant, a firm enjoys

When a firm increases the quantities of its variable factor given a fixed factor, the

The curve labelled Z is

The equilibrium output level is at output

If a firm's minimum average variable cost exceeds its average revenue, the firm must

The monopolist's price is always

A business is a separate legal person if

Which of the following statements is true of a debenture?

If an individual refuses a lucrative job in another town because of ties to his family, this reason can be seen as an impediment to

If a typist is laid-off because he is not computer literate then he is facing

Capital intensive production method is least adopted in

Diversification of the economies of developing countries will enable them to

An industry whose products lose considerable weight after processing must be sited close to the

A factor that may cause the national income to be overstated is the

The national income figure is limited as a measure of standard of living because the

Other things being equal, a contraction in the amount of money in circulation will

Inflation will usually have a negative effect on

A factor that positively influences the precautionary motive for holding money is

Which of the following is not a form of money?

Which of the following items is not an asset to commercial banks?

In a deficit budget, the expected revenue would be

A flat tax rate of 10% levied per unit of a commodity is an example of

Tax avoidance best refers to attempts by a payer to

If governments in developing countries want to raise revenue, then the major source to rely on is

In which section of a country's balance of payments account will the inflow of long-term investments be recorded?

Which tax system is progressive? Tax system

Dumping of goods is not desirable since it leads to

A long-term adverse balance of payments can be corrected by

Which of the following benefits is not applicable to economic integration?

The Organization of Petroleum Exporting Countries (OPEC) prevents excess global supply of crude oil by