Economics SS 2

_____ is referred to as increment cost (a) output marginal (B) marginal cost (c) average fixed cost (d) variable cost

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The total income which a firm derived from the sale of its product is known as ____ (a) total revenue (B) revenue (c) marginal revenue (d) average revenue

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All the following are major types of economic system except (a closed) socialism (B closed) capitalism © economics system (d) mixed economy

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Free market economy is also known as (a) capitalism (b) socialism (c) mixed economy (d)social economy

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Control the economic is also known as (a) capitalism (B) mixed economy (c) social economy (d) socialism

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An association of workers formed to enable the members to take collective rather than individual is known as (a) trade union (B) trading Union (Union of trading (d) Union

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A group of firms producing broadly similar commodities is known as (a) plant (b) firm (c) industry (d) factory

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____ industry is concerned with production of goods with the help of nature (a) primary industry (b) secondary industry (c) genetic industry (d) service industry

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Which of the following are not agent of distribution (a) wholesaler (B closed) retailer (c) consumer (d) government agency

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When a country has a large labor force it is beneficial to use a method of production which is ( a) capital intensive (b) land intensive (c) labour intensive (d) technically intensive

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