EG 109

The reward to land as a factor of production is (A) Profit (B) rent (C) interest (D) wages

The study of Economics becomes necessary because of the (A) large population size of the world (B) Scarcity of resources (C) opportunity cost of goods and services (D) need to satisfy every desire of man.

The reward to capital as a factor of production is (A) rent (B) wage (C) Interest (D) Commission

Mining is an example of (A) tertiary production (B) Primary production (C) Secondary production (D) advanced production

Human wants are unlimited because (A) Production is inadequate (B) resources have alternative uses (C) new wants always arise (D) resources are limited

A basic economic problem of any society is (A) High level of illiteracy (B) irregular power supply (C) population growth (D) resource allocation

Which of the following is related to resource allocation in an economy? (A) How to produce (B) What to produce (C) For whom to produce (D) Efficient use of inputs

The action of government to forgo road construction in order to provide more health facilities denotes (A) sound economic decision (B) Opportunity cost (C) Practicable government policy (D) Scale of preference

The sum of items divided by the number of items is the (A) frequency (B) mean (C) median (D) Mode

Goods which have to be paid for are known as (A) Physical goods (B) economic goods (C) free goods (D) Intangible goods