When Trinidad exchanges its oil for cement from Jamaica, the form of trade is best described as:

• Barter

• International trade

• Counter trade

• Regional trade

Which of the following statements about the planned economy is INCORRECT?

• Consumers have a choice in the market place.

• Wages can be negotiated between workers and employers.

• The government owns and operates the major national operations.

• The means of production are owned by the government.

In a free enterprise system, all of the following conditions exist EXCEPT:

• Decisions about prices are made in the marketplace.

• There is greater ownership of the factors of production by the government than by the private sector.

• Consumers are free to make their choices in the marketplace.

• Private sector members are encouraged to remain in business because of the opportunity to make a profit.

In a mixed economy, for which of the following enterprises do governments take responsibility?

• Manufacturing

• Utilities

• Commercial banking

• Construction

The private sector is composed of the following sections: i). household ii). business iii). government iv). the market place

• I and ii

• I, ii, and iv

• I and iii

• i, ii, iii, and iv

A group of professional engineers wishing to enter into a business enterprise would most likely operate:

• A co-operative

• A partnership

• A joint-stock company

• A proprietorship

In which type of system does the state ownership and control all of the country's productive resources?

• Capitalist system

• Mixed system

• Planned system

• Socialist system

Which of the following business organizations belong to the public sector? i). Nationalized industries ii). Partnerships iii). Public corporations iv). Sole traders

• i and iii only

• ii an iv only

• i, ii, and iii only

• ii, iii, and iv only

In a partnership, the sleeping partner is one who:

• Sleeps on the premises as a watchman and is paid a salary

• Takes no active part in the affairs of the business but shares in its profits

• Undertakes the task of implementing the policy decisions of the partnership

• Contributes not less than three-quarters of the share capital of the business

Which ONE of the following is NOT a function of a trade union?

• Assisting in the settlement of industrial disputes

• Bargaining for the rights and privileges of employers

• Bargaining for improvements in workers' wages and working conditions

• Seeking educational, social, and legal benefits for its members