The three principal economic unit in any system are

A. trade, industry and banking

B. workers, consumers and shareholders

C. households, firms and governments

D. comapnies, industry and plants

The satisfaction derived from the use of a commodity is its

A. demand

B. elasticity

C. wealth

D. utility

The reward which accrues to labour for participating in production is

A. interest

B. wage

C. bonus

D. profit

The Malthusian theory of population does not concern itself with

A. growth of food production in arithmetical progression

B. growth of population in geometric progression

C. positive check to population growth

D. development and growth of manpower

One characteristics of labour is that it is

A. fixed in demand

B. fixed in supply

C. mobile

D. untrainable

A country where labour is not sufficient to make proper use of natural resources is said to have an

A. active population

B. optimum population

C. over-population

D. under-population

When population is classified according to professions, it is called

A. geographical distribution of population

B. age distribution of population

C. sex distribution of population

D. occupational distribution of population

What must be added to variable cost to give total cost?

A. average total cost

B. average variable cost

C. fixed cost

D. marginal cost

Revenue is the

A. total profit made after sales

B. amount spent on purchase

C. amount of goods produced

D. total money realized from sales

Given that TR is total revenue, then TRn -TR (n-1) can be used to find the

A. marginal revenue

B. marginal cost

C. average cost

D. average revenue