Accelerated Class POB

Barter is BEST described as the

• Purchase of goods and services using cheques

• Process of exchange involving the use of money

• Exchange of goods and services using notes and coins

• Exchange of goods and services without the use of money

Which of the following is NOT a function of money?

• Indivisibility

• Store of value

• Exchange rate

• Measure of value

Labour is BEST defined as the

• Physical and mental capabilities used to perform tasks

• Ability to carry out management functions effectively

• Level of skills training received by individuals who are working

• Total number of persons who hold jobs in government ministries

A MAJOR function of the public sector is to

• Make a profit

• Serve the entire population

• Serve the interest of the shareholder

• Inspire competition among businesses

Which of the following are key features of a planned economy?

I. Centralized production

II. Citizens’ welfare is primary

III. Little government interference

• II and III only

• I and II only

• I and III only

• I, II and III only

Private enterprise is run MAINLY to

• Create profts

• Reduce inflation

• Distribute goods and services

• Proivde jobs for more people

A person who has the ability to seek out and undertake the risk of new business opportunities is referred to as

• A producer

• An inventor a shareholder

• A shareholder

• A entrepreneur

The policies of a company are formulated by the

• Shareholders

• Auditors

• Directors

• Managers

Which of the following types of business environments is MOST typical of the Commonwealth Caribbean?

• Corporate state

• Mixed economy

• Centrally planned

• Perfectly competitive

In which of the following type of economic systems does the government make all decisions?

• Capital

• Mixed

• Command

• Subsistence