Economics First Term 2023/2024 Examination

The creation of goods and services to satisfy household is called ______

• capital

• direct

• total

• primary

Devaluation means reduction in the ______

• value of the national currency

• purchasing power of foreign currencies

• value of domestics currency relative to foreign currencies

• purchasing power of foreign currencies

The rate at which a country exports is exchange for her import is known as ______

• terms of trade

• balance of trade

• current balance

• visible balance

The unskilled labour is the category of workers who engage in ______

• white

• yellow

• brown

• blue

Workers without formal education and training is _____ labour

• unskilled

• skilled

• semi - skilled

• untrained

The factors of production with highest degree of mobility is _______

• capital

• entrepreneur

• land

• labour

The ability to increase output at its best quality is referred to as ______ labour

• supply of

• mobility of

• efficiency of

• demand for

The reward of labour in production is

• interest

• wages

• bonus

• profit

Entrepreneurship is rewarded with a

• rent

• wages

• interest

• profit

which of the following factors of production consist of a man made goods _____

• land

• labour

• capital

• entrepreneur